Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,672/mo
Lowest payment- Down payment
- $17,515
- Funds due
- $28,393
- Interest + MI left
- $320,314
- First ends
- Jul 2052
New loan
New conventional
$2,753/mo
+$82/mo- Down payment
- $38,990
- Funds due
- $47,806
- Interest + MI left
- $513,088
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $372,385 | $350,910 |
| Second mortgage | — | — |
| First P&I | $2,080.64 | $2,377.19 |
| Second P&I | — | — |
| Mortgage insurance | $285.16 | $70.18 |
| Taxes, insurance & HOA | $306.00 | $306.00 |
| Total housing payment | $2,671.80 | $2,753.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,515
Closing costs & prepaids$10,878
Usable credit−$0
Total buyer cash needed$28,393
Earnest money paid−$0
Remaining funds due$28,393
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$468.00
Prepaid interest, first (6 days)$285.87
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 4.67%
Interest already paid$80,086Through Dec 2026
Assumption only · ends Jul 2052$320,314
New conventional · ends Jan 2057$513,088