Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,444/mo
Lowest payment- Down payment
- $21,130
- Funds due
- $31,267
- Interest + MI left
- $313,844
- First ends
- Aug 2052
New loan
New conventional
$2,501/mo
+$57/mo- Down payment
- $34,500
- Funds due
- $42,509
- Interest + MI left
- $470,894
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $323,870 | $310,500 |
| Second mortgage | — | — |
| First P&I | $1,909.68 | $2,149.84 |
| Second P&I | — | — |
| Mortgage insurance | $245.51 | $62.10 |
| Taxes, insurance & HOA | $288.67 | $288.67 |
| Total housing payment | $2,443.86 | $2,500.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,130
Closing costs & prepaids$10,137
Usable credit−$0
Total buyer cash needed$31,267
Earnest money paid−$0
Remaining funds due$31,267
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)$416.00
Prepaid interest, first (1 days)$46.41
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 9 moOf the original 30-year loan at 5.230%
Interest already paid$74,658Through Nov 2026
Assumption only · ends Aug 2052$313,844
New conventional · ends Dec 2056$470,894