Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,191/mo
Lowest payment- Down payment
- $39,674
- Funds due
- $51,293
- Interest + MI left
- $431,735
- First ends
- Sep 2052
New loan
New conventional
$3,276/mo
+$85/mo- Down payment
- $46,000
- Funds due
- $55,378
- Interest + MI left
- $627,859
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $420,326 | $414,000 |
| Second mortgage | — | — |
| First P&I | $2,547.61 | $2,866.45 |
| Second P&I | — | — |
| Mortgage insurance | $317.12 | $82.80 |
| Taxes, insurance & HOA | $326.50 | $326.50 |
| Total housing payment | $3,191.23 | $3,275.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,674
Closing costs & prepaids$11,618
Usable credit−$0
Total buyer cash needed$51,293
Earnest money paid−$0
Remaining funds due$51,293
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)$479.50
Prepaid interest, first (1 days)$63.57
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 10 moOf the original 30-year loan at 5.520%
Interest already paid$100,006Through Nov 2026
Assumption only · ends Sep 2052$431,735
New conventional · ends Dec 2056$627,859