Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,366/mo
Lowest payment- Down payment
- $13,968
- Funds due
- $22,505
- Interest + MI left
- $156,850
- First ends
- Nov 2052
New loan
New conventional
$1,397/mo
+$31/mo- Down payment
- $17,500
- Funds due
- $24,101
- Interest + MI left
- $230,291
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $161,032 | $157,500 |
| Second mortgage | — | — |
| First P&I | $945.66 | $1,066.96 |
| Second P&I | — | — |
| Mortgage insurance | $121.71 | $31.50 |
| Taxes, insurance & HOA | $298.75 | $298.75 |
| Total housing payment | $1,366.12 | $1,397.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,968
Closing costs & prepaids$8,536
Usable credit−$0
Total buyer cash needed$22,505
Earnest money paid−$0
Remaining funds due$22,505
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,750.00
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)$446.25
Prepaid interest, first (5 days)$115.15
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 11 moOf the original 30-year loan at 5.22%
Interest already paid$35,539Through Dec 2026
Assumption only · ends Nov 2052$156,850
New conventional · ends Jan 2057$230,291