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
- $28,438
- Funds due
- $39,912
- Interest + MI left
- $282,990
- First ends
- May 2052
New loan
New conventional
$3,054/mo
+$342/mo- Down payment
- $43,495
- Funds due
- $53,050
- Interest + MI left
- $572,368
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $406,509 | $391,452 |
| Second mortgage | — | — |
| First P&I | $2,071.54 | $2,651.83 |
| Second P&I | — | — |
| Mortgage insurance | $316.45 | $78.29 |
| Taxes, insurance & HOA | $324.00 | $324.00 |
| Total housing payment | $2,712.00 | $3,054.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,438
Closing costs & prepaids$11,473
Usable credit−$0
Total buyer cash needed$39,912
Earnest money paid−$0
Remaining funds due$39,912
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,349.47
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)$522.00
Prepaid interest, first (9 days)$376.88
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$73,686Through Dec 2026
Assumption only · ends May 2052$282,990
New conventional · ends Jan 2057$572,368