Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,687/mo
Lowest payment- Down payment
- $40,281
- Funds due
- $50,896
- Interest + MI left
- $363,180
- First ends
- Oct 2052
New loan
New conventional
$2,827/mo
+$140/mo- Down payment
- $39,990
- Funds due
- $48,425
- Interest + MI left
- $545,828
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $359,619 | $359,910 |
| Second mortgage | — | — |
| First P&I | $2,152.69 | $2,491.94 |
| Second P&I | — | — |
| Mortgage insurance | $271.25 | $71.98 |
| Taxes, insurance & HOA | $262.67 | $262.67 |
| Total housing payment | $2,686.61 | $2,826.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,281
Closing costs & prepaids$10,615
Usable credit−$0
Total buyer cash needed$50,896
Earnest money paid−$0
Remaining funds due$50,896
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$338.00
Prepaid interest, first (1 days)$53.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5.410%
Interest already paid$82,165Through Nov 2026
Assumption only · ends Oct 2052$363,180
New conventional · ends Dec 2056$545,828