Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,136/mo
Lowest payment- Down payment
- $229
- Funds due
- $10,054
- Interest + MI left
- $226,263
- First ends
- Jul 2052
New loan
New conventional
$2,239/mo
+$103/mo- Down payment
- $29,250
- Funds due
- $37,002
- Interest + MI left
- $399,236
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $292,271 | $263,250 |
| Second mortgage | — | — |
| First P&I | $1,547.15 | $1,822.69 |
| Second P&I | — | — |
| Mortgage insurance | $224.91 | $52.65 |
| Taxes, insurance & HOA | $363.58 | $363.58 |
| Total housing payment | $2,135.64 | $2,238.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$229
Closing costs & prepaids$9,824
Usable credit−$0
Total buyer cash needed$10,054
Earnest money paid−$0
Remaining funds due$10,054
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,925.00
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)$355.75
Initial HOA (3 months)$285.00
Prepaid interest, first (1 days)$33.39
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 4.170%
Interest already paid$55,207Through Nov 2026
Assumption only · ends Jul 2052$226,263
New conventional · ends Dec 2056$399,236