Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,639/mo
Lowest payment- Down payment
- $43,270
- Funds due
- $54,845
- Interest + MI left
- $259,227
- First ends
- Apr 2052
New loan
New conventional
$3,135/mo
+$496/mo- Down payment
- $44,700
- Funds due
- $54,397
- Interest + MI left
- $588,229
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $403,730 | $402,300 |
| Second mortgage | — | — |
| First P&I | $1,993.69 | $2,725.32 |
| Second P&I | — | — |
| Mortgage insurance | $316.45 | $80.46 |
| Taxes, insurance & HOA | $328.83 | $328.83 |
| Total housing payment | $2,638.98 | $3,134.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,270
Closing costs & prepaids$11,575
Usable credit−$0
Total buyer cash needed$54,845
Earnest money paid−$0
Remaining funds due$54,845
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,470.00
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)$536.50
Prepaid interest, first (9 days)$343.45
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 4 moOf the original 30-year loan at 3.45%
Interest already paid$68,619Through Dec 2026
Assumption only · ends Apr 2052$259,227
New conventional · ends Jan 2057$588,229