Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,228/mo
+$95/mo- Down payment
- $25,222
- Funds due
- $35,138
- Interest + MI left
- $264,770
- First ends
- Jan 2051
New loan
New conventional
$2,134/mo
Lowest payment- Down payment
- $28,000
- Funds due
- $35,855
- Interest + MI left
- $364,176
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $254,778 | $252,000 |
| Second mortgage | — | — |
| First P&I | $1,721.52 | $1,695.22 |
| Second P&I | — | — |
| Mortgage insurance | $118.61 | $50.40 |
| Taxes, insurance & HOA | $388.00 | $388.00 |
| Total housing payment | $2,228.12 | $2,133.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,222
Closing costs & prepaids$9,916
Usable credit−$0
Total buyer cash needed$35,138
Earnest money paid−$0
Remaining funds due$35,138
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$714.00
Prepaid interest, first (4 days)$177.02
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 closing24 yr 1 moOf the original 25-year loan at 6.34%
Interest already paid$14,935Through Dec 2026
Assumption only · ends Jan 2051$264,770
New conventional · ends Jan 2057$364,176