Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,235/mo
+$109/mo- Down payment
- $11,534
- Funds due
- $23,266
- Interest + MI left
- $398,870
- First ends
- Sep 2052
New loan
New conventional
$3,125/mo
Lowest payment- Down payment
- $42,000
- Funds due
- $51,571
- Interest + MI left
- $546,264
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $408,466 | $378,000 |
| Second mortgage | — | — |
| First P&I | $2,418.21 | $2,542.83 |
| Second P&I | — | — |
| Mortgage insurance | $309.50 | $75.60 |
| Taxes, insurance & HOA | $507.00 | $507.00 |
| Total housing payment | $3,234.71 | $3,125.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,534
Closing costs & prepaids$11,732
Usable credit−$0
Total buyer cash needed$23,266
Earnest money paid−$0
Remaining funds due$23,266
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$1,071.00
Prepaid interest, first (4 days)$235.90
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 9 moOf the original 30-year loan at 5.27%
Interest already paid$94,856Through Dec 2026
Assumption only · ends Sep 2052$398,870
New conventional · ends Jan 2057$546,264