Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,629/mo
Lowest payment- Down payment
- $42,439
- Funds due
- $53,679
- Interest + MI left
- $260,591
- First ends
- Apr 2052
New loan
New conventional
$3,185/mo
+$556/mo- Down payment
- $44,700
- Funds due
- $53,736
- Interest + MI left
- $610,115
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $404,561 | $402,300 |
| Second mortgage | — | — |
| First P&I | $1,993.69 | $2,785.44 |
| Second P&I | — | — |
| Mortgage insurance | $316.45 | $80.46 |
| Taxes, insurance & HOA | $318.67 | $318.67 |
| Total housing payment | $2,628.81 | $3,184.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,439
Closing costs & prepaids$11,239
Usable credit−$0
Total buyer cash needed$53,679
Earnest money paid−$0
Remaining funds due$53,679
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)$506.00
Prepaid interest, first (1 days)$38.24
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 5 moOf the original 30-year loan at 3.450%
Interest already paid$67,456Through Nov 2026
Assumption only · ends Apr 2052$260,591
New conventional · ends Dec 2056$610,115