Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,127/mo
+$274/mo- Down payment
- $0
- Funds due
- $9,865
- Interest + MI left
- $221,126
- First ends
- Sep 2052
New loan
New conventional
$1,853/mo
Lowest payment- Down payment
- $18,500
- Funds due
- $26,381
- Interest + MI left
- $243,451
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $204,998 | $166,500 |
| Second mortgage | — | — |
| First P&I | $1,280.39 | $1,127.93 |
| Second P&I | — | — |
| Mortgage insurance | $154.40 | $33.30 |
| Taxes, insurance & HOA | $692.25 | $692.25 |
| Total housing payment | $2,127.04 | $1,853.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,865
Usable credit−$0
Total buyer cash needed$9,865
Earnest money paid−$0
Remaining funds due$9,865
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,850.00
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)$471.75
Initial HOA (3 months)$1,155.00
Prepaid interest, first (5 days)$163.16
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 9 moOf the original 30-year loan at 5.81%
Interest already paid$52,319Through Dec 2026
Assumption only · ends Sep 2052$221,126
New conventional · ends Jan 2057$243,451