Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,605/mo
Lowest payment- Down payment
- $30,073
- Funds due
- $40,935
- Interest + MI left
- $303,312
- First ends
- May 2052
New loan
New conventional
$2,665/mo
+$60/mo- Down payment
- $35,500
- Funds due
- $44,274
- Interest + MI left
- $461,723
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $324,927 | $319,500 |
| Second mortgage | — | — |
| First P&I | $1,904.84 | $2,149.30 |
| Second P&I | — | — |
| Mortgage insurance | $248.22 | $63.90 |
| Taxes, insurance & HOA | $451.75 | $451.75 |
| Total housing payment | $2,604.81 | $2,664.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,073
Closing costs & prepaids$10,862
Usable credit−$0
Total buyer cash needed$40,935
Earnest money paid−$0
Remaining funds due$40,935
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$905.25
Prepaid interest, first (4 days)$181.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 5 moOf the original 30-year loan at 5.11%
Interest already paid$79,258Through Dec 2026
Assumption only · ends May 2052$303,312
New conventional · ends Jan 2057$461,723