Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,819/mo
Lowest payment- Down payment
- $10,647
- Funds due
- $20,147
- Interest + MI left
- $184,056
- First ends
- Jun 2052
New loan
New conventional
$1,932/mo
+$113/mo- Down payment
- $25,000
- Funds due
- $32,534
- Interest + MI left
- $328,987
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $239,353 | $225,000 |
| Second mortgage | — | — |
| First P&I | $1,271.66 | $1,524.23 |
| Second P&I | — | — |
| Mortgage insurance | $184.86 | $45.00 |
| Taxes, insurance & HOA | $362.50 | $362.50 |
| Total housing payment | $1,819.02 | $1,931.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,647
Closing costs & prepaids$9,499
Usable credit−$0
Total buyer cash needed$20,147
Earnest money paid−$0
Remaining funds due$20,147
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$637.50
Prepaid interest, first (5 days)$136.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6 moOf the original 30-year loan at 4.17%
Interest already paid$47,044Through Dec 2026
Assumption only · ends Jun 2052$184,056
New conventional · ends Jan 2057$328,987