Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,712/mo
Lowest payment- Down payment
- $1,704
- Funds due
- $12,900
- Interest + MI left
- $284,234
- First ends
- May 2052
New loan
New conventional
$2,888/mo
+$175/mo- Down payment
- $41,000
- Funds due
- $50,260
- Interest + MI left
- $539,539
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $408,296 | $369,000 |
| Second mortgage | — | — |
| First P&I | $2,080.65 | $2,499.73 |
| Second P&I | — | — |
| Mortgage insurance | $317.84 | $73.80 |
| Taxes, insurance & HOA | $314.00 | $314.00 |
| Total housing payment | $2,712.49 | $2,887.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,704
Closing costs & prepaids$11,196
Usable credit−$0
Total buyer cash needed$12,900
Earnest money paid−$0
Remaining funds due$12,900
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$492.00
Prepaid interest, first (9 days)$378.54
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$74,010Through Dec 2026
Assumption only · ends May 2052$284,234
New conventional · ends Jan 2057$539,539