Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,151/mo
Lowest payment- Down payment
- $48,146
- Funds due
- $59,713
- Interest + MI left
- $433,305
- First ends
- Sep 2052
New loan
New conventional
$3,289/mo
+$138/mo- Down payment
- $47,000
- Funds due
- $56,319
- Interest + MI left
- $641,508
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $421,854 | $423,000 |
| Second mortgage | — | — |
| First P&I | $2,556.88 | $2,928.77 |
| Second P&I | — | — |
| Mortgage insurance | $318.27 | $84.60 |
| Taxes, insurance & HOA | $276.00 | $276.00 |
| Total housing payment | $3,151.15 | $3,289.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,146
Closing costs & prepaids$11,567
Usable credit−$0
Total buyer cash needed$59,713
Earnest money paid−$0
Remaining funds due$59,713
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
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)$328.00
Prepaid interest, first (1 days)$63.80
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$100,370Through Nov 2026
Assumption only · ends Sep 2052$433,305
New conventional · ends Dec 2056$641,508