Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,604/mo
+$123/mo- Down payment
- $1,796
- Funds due
- $12,228
- Interest + MI left
- $335,267
- First ends
- Aug 2052
New loan
New conventional
$2,480/mo
Lowest payment- Down payment
- $34,900
- Funds due
- $43,255
- Interest + MI left
- $459,266
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $347,204 | $314,100 |
| Second mortgage | — | — |
| First P&I | $2,050.42 | $2,127.82 |
| Second P&I | — | — |
| Mortgage insurance | $263.61 | $62.82 |
| Taxes, insurance & HOA | $289.58 | $289.58 |
| Total housing payment | $2,603.61 | $2,480.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,796
Closing costs & prepaids$10,432
Usable credit−$0
Total buyer cash needed$12,228
Earnest money paid−$0
Remaining funds due$12,228
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$418.75
Prepaid interest, first (6 days)$298.50
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing25 yr 8 moOf the original 30-year loan at 5.23%
Interest already paid$81,676Through Dec 2026
Assumption only · ends Aug 2052$335,267
New conventional · ends Jan 2057$459,266