Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,768/mo
Lowest payment- Down payment
- $37,534
- Funds due
- $49,261
- Interest + MI left
- $283,587
- First ends
- May 2052
New loan
New conventional
$3,168/mo
+$400/mo- Down payment
- $44,490
- Funds due
- $54,303
- Interest + MI left
- $585,466
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $407,366 | $400,410 |
| Second mortgage | — | — |
| First P&I | $2,075.91 | $2,712.52 |
| Second P&I | — | — |
| Mortgage insurance | $317.12 | $80.08 |
| Taxes, insurance & HOA | $375.00 | $375.00 |
| Total housing payment | $2,768.03 | $3,167.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,534
Closing costs & prepaids$11,727
Usable credit−$0
Total buyer cash needed$49,261
Earnest money paid−$0
Remaining funds due$49,261
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,449.00
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)$534.00
Initial HOA (3 months)$141.00
Prepaid interest, first (9 days)$377.68
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$73,841Through Dec 2026
Assumption only · ends May 2052$283,587
New conventional · ends Jan 2057$585,466