Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,223/mo
Lowest payment- Down payment
- $34,618
- Funds due
- $44,419
- Interest + MI left
- $298,265
- First ends
- Sep 2052
New loan
New conventional
$2,328/mo
+$105/mo- Down payment
- $32,500
- Funds due
- $40,192
- Interest + MI left
- $443,596
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $290,382 | $292,500 |
| Second mortgage | — | — |
| First P&I | $1,760.02 | $2,025.21 |
| Second P&I | — | — |
| Mortgage insurance | $219.08 | $58.50 |
| Taxes, insurance & HOA | $244.17 | $244.17 |
| Total housing payment | $2,223.27 | $2,327.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,618
Closing costs & prepaids$9,801
Usable credit−$0
Total buyer cash needed$44,419
Earnest money paid−$0
Remaining funds due$44,419
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$282.50
Prepaid interest, first (1 days)$43.92
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$69,089Through Nov 2026
Assumption only · ends Sep 2052$298,265
New conventional · ends Dec 2056$443,596