Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,985/mo
Lowest payment- Down payment
- $11,658
- Funds due
- $20,958
- Interest + MI left
- $248,583
- First ends
- Jul 2052
New loan
New conventional
$2,031/mo
+$45/mo- Down payment
- $28,200
- Funds due
- $35,433
- Interest + MI left
- $384,905
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $270,342 | $253,800 |
| Second mortgage | — | — |
| First P&I | $1,556.66 | $1,757.26 |
| Second P&I | — | — |
| Mortgage insurance | $205.87 | $50.76 |
| Taxes, insurance & HOA | $222.75 | $222.75 |
| Total housing payment | $1,985.28 | $2,030.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,658
Closing costs & prepaids$9,300
Usable credit−$0
Total buyer cash needed$20,958
Earnest money paid−$0
Remaining funds due$20,958
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,820.00
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)$218.25
Prepaid interest, first (1 days)$36.89
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 4.980%
Interest already paid$60,650Through Nov 2026
Assumption only · ends Jul 2052$248,583
New conventional · ends Dec 2056$384,905