Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,333/mo
Lowest payment- Down payment
- $24,156
- Funds due
- $34,531
- Interest + MI left
- $294,304
- First ends
- Sep 2052
New loan
New conventional
$2,391/mo
+$58/mo- Down payment
- $33,563
- Funds due
- $41,946
- Interest + MI left
- $441,665
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $311,469 | $302,062 |
| Second mortgage | — | — |
| First P&I | $1,812.59 | $2,046.27 |
| Second P&I | — | — |
| Mortgage insurance | $236.47 | $60.41 |
| Taxes, insurance & HOA | $284.25 | $284.25 |
| Total housing payment | $2,333.31 | $2,390.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,156
Closing costs & prepaids$10,376
Usable credit−$0
Total buyer cash needed$34,531
Earnest money paid−$0
Remaining funds due$34,531
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,356.25
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)$402.75
Prepaid interest, first (9 days)$391.68
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 9 moOf the original 30-year loan at 5.1%
Interest already paid$70,070Through Dec 2026
Assumption only · ends Sep 2052$294,304
New conventional · ends Jan 2057$441,665