Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,119/mo
Lowest payment- Down payment
- $41,339
- Funds due
- $51,747
- Interest + MI left
- $207,252
- First ends
- Mar 2052
New loan
New conventional
$2,534/mo
+$414/mo- Down payment
- $35,700
- Funds due
- $44,146
- Interest + MI left
- $469,794
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $315,661 | $321,300 |
| Second mortgage | — | — |
| First P&I | $1,578.98 | $2,176.60 |
| Second P&I | — | — |
| Mortgage insurance | $247.53 | $64.26 |
| Taxes, insurance & HOA | $292.83 | $292.83 |
| Total housing payment | $2,119.34 | $2,533.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,339
Closing costs & prepaids$10,408
Usable credit−$0
Total buyer cash needed$51,747
Earnest money paid−$0
Remaining funds due$51,747
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,570.00
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)$428.50
Prepaid interest, first (6 days)$184.21
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 3 moOf the original 30-year loan at 3.55%
Interest already paid$56,207Through Dec 2026
Assumption only · ends Mar 2052$207,252
New conventional · ends Jan 2057$469,794