Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,228/mo
+$121/mo- Down payment
- $0
- Funds due
- $10,659
- Interest + MI left
- $130,416
- First ends
- May 2049
New loan
New conventional
$2,106/mo
Lowest payment- Down payment
- $17,500
- Funds due
- $26,228
- 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 | $181,692 | $157,500 |
| Second mortgage | — | — |
| First P&I | $1,069.58 | $1,066.96 |
| Second P&I | — | — |
| Mortgage insurance | $150.23 | $31.50 |
| Taxes, insurance & HOA | $1,007.75 | $1,007.75 |
| Total housing payment | $2,227.56 | $2,106.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,659
Usable credit−$0
Total buyer cash needed$10,659
Earnest money paid−$0
Remaining funds due$10,659
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
Initial HOA (3 months)$2,127.00
Prepaid interest, first (5 days)$111.01
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 5 moOf the original 30-year loan at 4.46%
Interest already paid$66,936Through Dec 2026
Assumption only · ends May 2049$130,416
New conventional · ends Jan 2057$230,291