Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,207/mo
Lowest payment- Down payment
- $34,256
- Funds due
- $44,814
- Interest + MI left
- $226,697
- First ends
- May 2052
New loan
New conventional
$2,553/mo
+$346/mo- Down payment
- $35,990
- Funds due
- $44,660
- Interest + MI left
- $473,610
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $325,644 | $323,910 |
| Second mortgage | — | — |
| First P&I | $1,659.46 | $2,194.28 |
| Second P&I | — | — |
| Mortgage insurance | $253.50 | $64.78 |
| Taxes, insurance & HOA | $294.00 | $294.00 |
| Total housing payment | $2,206.97 | $2,553.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,256
Closing costs & prepaids$10,558
Usable credit−$0
Total buyer cash needed$44,814
Earnest money paid−$0
Remaining funds due$44,814
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$432.00
Prepaid interest, first (9 days)$301.91
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5 moOf the original 30-year loan at 3.76%
Interest already paid$59,028Through Dec 2026
Assumption only · ends May 2052$226,697
New conventional · ends Jan 2057$473,610