Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,227/mo
Lowest payment- Down payment
- $36,973
- Funds due
- $47,770
- Interest + MI left
- $199,751
- First ends
- Jun 2052
New loan
New conventional
$2,428/mo
+$200/mo- Down payment
- $27,000
- Funds due
- $35,781
- Interest + MI left
- $351,170
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $233,027 | $243,000 |
| Second mortgage | — | — |
| First P&I | $1,304.22 | $1,634.68 |
| Second P&I | — | — |
| Mortgage insurance | $178.75 | $48.60 |
| Taxes, insurance & HOA | $744.50 | $744.50 |
| Total housing payment | $2,227.46 | $2,427.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,973
Closing costs & prepaids$10,798
Usable credit−$0
Total buyer cash needed$47,770
Earnest money paid−$0
Remaining funds due$47,770
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$688.50
Initial HOA (3 months)$1,095.00
Prepaid interest, first (3 days)$89.44
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 3 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 4.67%
Interest already paid$51,109Through Dec 2026
Assumption only · ends Jun 2052$199,751
New conventional · ends Jan 2057$351,170