Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,463/mo
Lowest payment- Down payment
- $6,148
- Funds due
- $15,360
- Interest + MI left
- $99,658
- First ends
- May 2052
New loan
New conventional
$1,548/mo
+$85/mo- Down payment
- $14,490
- Funds due
- $21,812
- Interest + MI left
- $190,681
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $138,752 | $130,410 |
| Second mortgage | — | — |
| First P&I | $716.97 | $883.44 |
| Second P&I | — | — |
| Mortgage insurance | $107.80 | $26.08 |
| Taxes, insurance & HOA | $638.17 | $638.17 |
| Total housing payment | $1,462.94 | $1,547.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,148
Closing costs & prepaids$9,212
Usable credit−$0
Total buyer cash needed$15,360
Earnest money paid−$0
Remaining funds due$15,360
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,449.00
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)$369.50
Initial HOA (3 months)$1,095.00
Prepaid interest, first (5 days)$73.94
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 closing25 yr 5 moOf the original 30-year loan at 3.89%
Interest already paid$25,994Through Dec 2026
Assumption only · ends May 2052$99,658
New conventional · ends Jan 2057$190,681