Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,775/mo
Lowest payment- Down payment
- $21,630
- Funds due
- $33,030
- Interest + MI left
- $310,181
- First ends
- Jun 2052
New loan
New conventional
$2,988/mo
+$213/mo- Down payment
- $42,500
- Funds due
- $51,937
- Interest + MI left
- $559,278
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $403,370 | $382,500 |
| Second mortgage | — | — |
| First P&I | $2,143.07 | $2,591.19 |
| Second P&I | — | — |
| Mortgage insurance | $311.53 | $76.50 |
| Taxes, insurance & HOA | $320.00 | $320.00 |
| Total housing payment | $2,774.61 | $2,987.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,630
Closing costs & prepaids$11,400
Usable credit−$0
Total buyer cash needed$33,030
Earnest money paid−$0
Remaining funds due$33,030
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Prepaid interest, first (9 days)$414.75
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 6 moOf the original 30-year loan at 4.17%
Interest already paid$79,282Through Dec 2026
Assumption only · ends Jun 2052$310,181
New conventional · ends Jan 2057$559,278