Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,175/mo
+$54/mo- Down payment
- $26,914
- Funds due
- $38,502
- Interest + MI left
- $428,641
- First ends
- Oct 2052
New loan
New conventional
$3,121/mo
Lowest payment- Down payment
- $44,500
- Funds due
- $53,937
- Interest + MI left
- $585,597
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $418,086 | $400,500 |
| Second mortgage | — | — |
| First P&I | $2,531.52 | $2,713.13 |
| Second P&I | — | — |
| Mortgage insurance | $315.47 | $80.10 |
| Taxes, insurance & HOA | $328.00 | $328.00 |
| Total housing payment | $3,174.98 | $3,121.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,914
Closing costs & prepaids$11,588
Usable credit−$0
Total buyer cash needed$38,502
Earnest money paid−$0
Remaining funds due$38,502
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$534.00
Prepaid interest, first (6 days)$378.68
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 10 moOf the original 30-year loan at 5.51%
Interest already paid$99,299Through Dec 2026
Assumption only · ends Oct 2052$428,641
New conventional · ends Jan 2057$585,597