Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,126/mo
Lowest payment- Down payment
- $35,879
- Funds due
- $45,848
- Interest + MI left
- $291,055
- First ends
- Nov 2052
New loan
New conventional
$2,153/mo
+$27/mo- Down payment
- $30,000
- Funds due
- $37,963
- Interest + MI left
- $394,785
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $264,121 | $270,000 |
| Second mortgage | — | — |
| First P&I | $1,658.03 | $1,829.07 |
| Second P&I | — | — |
| Mortgage insurance | $198.22 | $54.00 |
| Taxes, insurance & HOA | $270.00 | $270.00 |
| Total housing payment | $2,126.24 | $2,153.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,879
Closing costs & prepaids$9,969
Usable credit−$0
Total buyer cash needed$45,848
Earnest money paid−$0
Remaining funds due$45,848
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$360.00
Prepaid interest, first (9 days)$383.59
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 11 moOf the original 30-year loan at 5.89%
Interest already paid$65,527Through Dec 2026
Assumption only · ends Nov 2052$291,055
New conventional · ends Jan 2057$394,785