Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,443/mo
Lowest payment- Down payment
- $21,628
- Funds due
- $32,134
- Interest + MI left
- $312,255
- First ends
- Aug 2052
New loan
New conventional
$2,454/mo
+$10/mo- Down payment
- $34,500
- Funds due
- $42,994
- Interest + MI left
- $454,002
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $323,372 | $310,500 |
| Second mortgage | — | — |
| First P&I | $1,909.68 | $2,103.44 |
| Second P&I | — | — |
| Mortgage insurance | $245.51 | $62.10 |
| Taxes, insurance & HOA | $288.00 | $288.00 |
| Total housing payment | $2,443.19 | $2,453.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,628
Closing costs & prepaids$10,506
Usable credit−$0
Total buyer cash needed$32,134
Earnest money paid−$0
Remaining funds due$32,134
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$414.00
Prepaid interest, first (9 days)$417.02
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 8 moOf the original 30-year loan at 5.23%
Interest already paid$76,069Through Dec 2026
Assumption only · ends Aug 2052$312,255
New conventional · ends Jan 2057$454,002