Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,802/mo
Lowest payment- Down payment
- $19,853
- Funds due
- $35,991
- Interest + MI left
- $508,690
- First ends
- May 2052
New loan
New conventional
$5,216/mo
+$414/mo- Down payment
- $74,880
- Funds due
- $88,871
- Interest + MI left
- $985,383
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $728,947 | $673,920 |
| Second mortgage | — | — |
| First P&I | $3,718.65 | $4,565.37 |
| Second P&I | — | — |
| Mortgage insurance | $567.38 | $134.78 |
| Taxes, insurance & HOA | $516.17 | $516.17 |
| Total housing payment | $4,802.19 | $5,216.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,853
Closing costs & prepaids$16,139
Usable credit−$0
Total buyer cash needed$35,991
Earnest money paid−$0
Remaining funds due$35,991
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,488.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$898.50
Prepaid interest, first (7 days)$527.04
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 5 moOf the original 30-year loan at 3.77%
Interest already paid$132,473Through Dec 2026
Assumption only · ends May 2052$508,690
New conventional · ends Jan 2057$985,383