Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,874/mo
Lowest payment- Down payment
- $8,534
- Funds due
- $18,146
- Interest + MI left
- $195,645
- First ends
- May 2052
New loan
New conventional
$2,013/mo
+$139/mo- Down payment
- $27,900
- Funds due
- $35,615
- Interest + MI left
- $367,150
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $270,466 | $251,100 |
| Second mortgage | — | — |
| First P&I | $1,402.04 | $1,701.04 |
| Second P&I | — | — |
| Mortgage insurance | $210.04 | $50.22 |
| Taxes, insurance & HOA | $261.58 | $261.58 |
| Total housing payment | $1,873.66 | $2,012.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,534
Closing costs & prepaids$9,611
Usable credit−$0
Total buyer cash needed$18,146
Earnest money paid−$0
Remaining funds due$18,146
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,790.00
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)$334.75
Prepaid interest, first (9 days)$261.43
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 3.92%
Interest already paid$51,048Through Dec 2026
Assumption only · ends May 2052$195,645
New conventional · ends Jan 2057$367,150