Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,267/mo
Lowest payment- Down payment
- $20,361
- Funds due
- $28,745
- Interest + MI left
- $104,433
- First ends
- Apr 2049
New loan
New conventional
$1,325/mo
+$59/mo- Down payment
- $16,490
- Funds due
- $22,966
- Interest + MI left
- $217,000
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $144,539 | $148,410 |
| Second mortgage | — | — |
| First P&I | $856.71 | $1,005.38 |
| Second P&I | — | — |
| Mortgage insurance | $119.63 | $29.68 |
| Taxes, insurance & HOA | $290.17 | $290.17 |
| Total housing payment | $1,266.51 | $1,325.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,361
Closing costs & prepaids$8,384
Usable credit−$0
Total buyer cash needed$28,745
Earnest money paid−$0
Remaining funds due$28,745
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,649.00
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)$420.50
Prepaid interest, first (5 days)$89.30
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 closing22 yr 4 moOf the original 30-year loan at 4.51%
Interest already paid$54,473Through Dec 2026
Assumption only · ends Apr 2049$104,433
New conventional · ends Jan 2057$217,000