Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,286/mo
+$314/mo- Down payment
- $35,612
- Funds due
- $49,115
- Interest + MI left
- $628,296
- First ends
- Oct 2052
New loan
New conventional
$3,972/mo
Lowest payment- Down payment
- $56,990
- Funds due
- $68,184
- Interest + MI left
- $749,959
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $534,288 | $512,910 |
| Second mortgage | — | — |
| First P&I | $3,490.95 | $3,474.63 |
| Second P&I | — | — |
| Mortgage insurance | $399.91 | $102.58 |
| Taxes, insurance & HOA | $394.67 | $394.67 |
| Total housing payment | $4,285.53 | $3,971.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,612
Closing costs & prepaids$13,503
Usable credit−$0
Total buyer cash needed$49,115
Earnest money paid−$0
Remaining funds due$49,115
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,699.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$684.00
Prepaid interest, first (7 days)$644.51
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 10 moOf the original 30-year loan at 6.29%
Interest already paid$144,250Through Dec 2026
Assumption only · ends Oct 2052$628,296
New conventional · ends Jan 2057$749,959