Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,998/mo
Lowest payment- Down payment
- $39,236
- Funds due
- $49,087
- Interest + MI left
- $261,410
- First ends
- Oct 2052
New loan
New conventional
$2,105/mo
+$107/mo- Down payment
- $29,280
- Funds due
- $37,158
- Interest + MI left
- $385,310
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $253,564 | $263,520 |
| Second mortgage | — | — |
| First P&I | $1,539.92 | $1,785.18 |
| Second P&I | — | — |
| Mortgage insurance | $191.26 | $52.70 |
| Taxes, insurance & HOA | $267.08 | $267.08 |
| Total housing payment | $1,998.27 | $2,104.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,236
Closing costs & prepaids$9,851
Usable credit−$0
Total buyer cash needed$49,087
Earnest money paid−$0
Remaining funds due$49,087
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,928.00
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)$351.25
Prepaid interest, first (9 days)$346.38
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 10 moOf the original 30-year loan at 5.54%
Interest already paid$60,541Through Dec 2026
Assumption only · ends Oct 2052$261,410
New conventional · ends Jan 2057$385,310