Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,215/mo
Lowest payment- Down payment
- $40,289
- Funds due
- $52,487
- Interest + MI left
- $429,566
- First ends
- Sep 2052
New loan
New conventional
$3,238/mo
+$23/mo- Down payment
- $46,000
- Funds due
- $56,100
- Interest + MI left
- $605,336
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $419,711 | $414,000 |
| Second mortgage | — | — |
| First P&I | $2,547.61 | $2,804.58 |
| Second P&I | — | — |
| Mortgage insurance | $317.12 | $82.80 |
| Taxes, insurance & HOA | $350.67 | $350.67 |
| Total housing payment | $3,215.40 | $3,238.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,289
Closing costs & prepaids$12,198
Usable credit−$0
Total buyer cash needed$52,487
Earnest money paid−$0
Remaining funds due$52,487
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$552.00
Prepaid interest, first (9 days)$571.27
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 9 moOf the original 30-year loan at 5.52%
Interest already paid$101,940Through Dec 2026
Assumption only · ends Sep 2052$429,566
New conventional · ends Jan 2057$605,336