Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,612/mo
Lowest payment- Down payment
- $37,859
- Funds due
- $48,151
- Interest + MI left
- $370,393
- First ends
- Sep 2052
New loan
New conventional
$2,657/mo
+$45/mo- Down payment
- $38,000
- Funds due
- $46,127
- Interest + MI left
- $518,666
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $342,141 | $342,000 |
| Second mortgage | — | — |
| First P&I | $2,133.98 | $2,367.94 |
| Second P&I | — | — |
| Mortgage insurance | $257.34 | $68.40 |
| Taxes, insurance & HOA | $220.75 | $220.75 |
| Total housing payment | $2,612.06 | $2,657.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,859
Closing costs & prepaids$10,292
Usable credit−$0
Total buyer cash needed$48,151
Earnest money paid−$0
Remaining funds due$48,151
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$212.25
Prepaid interest, first (1 days)$54.46
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 5.810%
Interest already paid$85,542Through Nov 2026
Assumption only · ends Sep 2052$370,393
New conventional · ends Dec 2056$518,666