Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,369/mo
+$241/mo- Down payment
- $0
- Funds due
- $7,809
- Interest + MI left
- $174,258
- First ends
- Aug 2052
New loan
New conventional
$1,128/mo
Lowest payment- Down payment
- $14,900
- Funds due
- $20,761
- Interest + MI left
- $203,372
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $179,825 | $134,100 |
| Second mortgage | — | — |
| First P&I | $1,060.33 | $928.48 |
| Second P&I | — | — |
| Mortgage insurance | $136.32 | $26.82 |
| Taxes, insurance & HOA | $172.67 | $172.67 |
| Total housing payment | $1,369.31 | $1,127.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,809
Usable credit−$0
Total buyer cash needed$7,809
Earnest money paid−$0
Remaining funds due$7,809
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,490.00
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)$68.00
Prepaid interest, first (1 days)$25.77
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 9 moOf the original 30-year loan at 5.230%
Interest already paid$41,453Through Nov 2026
Assumption only · ends Aug 2052$174,258
New conventional · ends Dec 2056$203,372