Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,047/mo
Lowest payment- Down payment
- $28,921
- Funds due
- $39,284
- Interest + MI left
- $185,634
- First ends
- Jul 2052
New loan
New conventional
$2,196/mo
+$149/mo- Down payment
- $24,250
- Funds due
- $32,630
- Interest + MI left
- $315,402
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $213,579 | $218,250 |
| Second mortgage | — | — |
| First P&I | $1,199.50 | $1,468.18 |
| Second P&I | — | — |
| Mortgage insurance | $163.44 | $43.65 |
| Taxes, insurance & HOA | $684.17 | $684.17 |
| Total housing payment | $2,047.11 | $2,196.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,921
Closing costs & prepaids$10,363
Usable credit−$0
Total buyer cash needed$39,284
Earnest money paid−$0
Remaining funds due$39,284
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,425.00
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)$618.50
Initial HOA (3 months)$984.00
Prepaid interest, first (4 days)$110.48
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 closing25 yr 7 moOf the original 30-year loan at 4.72%
Interest already paid$46,409Through Dec 2026
Assumption only · ends Jul 2052$185,634
New conventional · ends Jan 2057$315,402