Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,853/mo
Lowest payment- Down payment
- $10,230
- Funds due
- $20,136
- Interest + MI left
- $154,243
- First ends
- Jun 2052
New loan
New conventional
$1,927/mo
+$74/mo- Down payment
- $20,000
- Funds due
- $27,968
- Interest + MI left
- $263,190
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $189,770 | $180,000 |
| Second mortgage | — | — |
| First P&I | $1,034.99 | $1,219.38 |
| Second P&I | — | — |
| Mortgage insurance | $146.06 | $36.00 |
| Taxes, insurance & HOA | $672.00 | $672.00 |
| Total housing payment | $1,853.04 | $1,927.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,230
Closing costs & prepaids$9,906
Usable credit−$0
Total buyer cash needed$20,136
Earnest money paid−$0
Remaining funds due$20,136
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,000.00
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)$510.00
Initial HOA (3 months)$1,056.00
Prepaid interest, first (5 days)$114.90
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 6 moOf the original 30-year loan at 4.42%
Interest already paid$39,463Through Dec 2026
Assumption only · ends Jun 2052$154,243
New conventional · ends Jan 2057$263,190