Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,975/mo
Lowest payment- Down payment
- $38,968
- Funds due
- $48,443
- Interest + MI left
- $262,726
- First ends
- Oct 2052
New loan
New conventional
$2,122/mo
+$147/mo- Down payment
- $29,290
- Funds due
- $36,687
- Interest + MI left
- $399,782
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $253,932 | $263,610 |
| Second mortgage | — | — |
| First P&I | $1,539.92 | $1,825.18 |
| Second P&I | — | — |
| Mortgage insurance | $191.26 | $52.72 |
| Taxes, insurance & HOA | $244.00 | $244.00 |
| Total housing payment | $1,975.19 | $2,121.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,968
Closing costs & prepaids$9,475
Usable credit−$0
Total buyer cash needed$48,443
Earnest money paid−$0
Remaining funds due$48,443
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,929.00
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)$282.00
Prepaid interest, first (1 days)$38.54
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 11 moOf the original 30-year loan at 5.540%
Interest already paid$59,369Through Nov 2026
Assumption only · ends Oct 2052$262,726
New conventional · ends Dec 2056$399,782