Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,863/mo
Lowest payment- Down payment
- $44,842
- Funds due
- $58,142
- Interest + MI left
- $493,699
- First ends
- Jul 2052
New loan
New conventional
$3,973/mo
+$109/mo- Down payment
- $57,000
- Funds due
- $68,094
- Interest + MI left
- $750,091
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $525,158 | $513,000 |
| Second mortgage | — | — |
| First P&I | $3,068.88 | $3,475.24 |
| Second P&I | — | — |
| Mortgage insurance | $399.91 | $102.60 |
| Taxes, insurance & HOA | $394.67 | $394.67 |
| Total housing payment | $3,863.46 | $3,972.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,842
Closing costs & prepaids$13,300
Usable credit−$0
Total buyer cash needed$58,142
Earnest money paid−$0
Remaining funds due$58,142
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,700.00
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 (6 days)$441.13
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 7 moOf the original 30-year loan at 5.11%
Interest already paid$123,224Through Dec 2026
Assumption only · ends Jul 2052$493,699
New conventional · ends Jan 2057$750,091