Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,219/mo
Lowest payment- Down payment
- $26,873
- Funds due
- $37,544
- Interest + MI left
- $199,751
- First ends
- Jun 2052
New loan
New conventional
$2,356/mo
+$137/mo- Down payment
- $25,990
- Funds due
- $34,649
- Interest + MI left
- $338,033
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $233,027 | $233,910 |
| Second mortgage | — | — |
| First P&I | $1,304.22 | $1,573.53 |
| Second P&I | — | — |
| Mortgage insurance | $178.75 | $46.78 |
| Taxes, insurance & HOA | $735.92 | $735.92 |
| Total housing payment | $2,218.88 | $2,356.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,873
Closing costs & prepaids$10,671
Usable credit−$0
Total buyer cash needed$37,544
Earnest money paid−$0
Remaining funds due$37,544
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,599.00
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)$662.75
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$338,033