Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,455/mo
Lowest payment- Down payment
- $16,000
- Funds due
- $26,596
- Interest + MI left
- $294,645
- First ends
- Jul 2052
New loan
New conventional
$2,520/mo
+$65/mo- Down payment
- $35,500
- Funds due
- $44,112
- Interest + MI left
- $467,162
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $339,000 | $319,500 |
| Second mortgage | — | — |
| First P&I | $1,903.89 | $2,164.40 |
| Second P&I | — | — |
| Mortgage insurance | $259.42 | $63.90 |
| Taxes, insurance & HOA | $292.00 | $292.00 |
| Total housing payment | $2,455.31 | $2,520.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,000
Closing costs & prepaids$10,596
Usable credit−$0
Total buyer cash needed$26,596
Earnest money paid−$0
Remaining funds due$26,596
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$426.00
Prepaid interest, first (9 days)$394.54
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 7 moOf the original 30-year loan at 4.72%
Interest already paid$73,662Through Dec 2026
Assumption only · ends Jul 2052$294,645
New conventional · ends Jan 2057$467,162