Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,881/mo
Lowest payment- Down payment
- $5,018
- Funds due
- $14,167
- Interest + MI left
- $227,899
- First ends
- Aug 2052
New loan
New conventional
$1,889/mo
+$8/mo- Down payment
- $25,200
- Funds due
- $32,309
- Interest + MI left
- $343,957
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $246,982 | $226,800 |
| Second mortgage | — | — |
| First P&I | $1,419.87 | $1,570.32 |
| Second P&I | — | — |
| Mortgage insurance | $187.78 | $45.36 |
| Taxes, insurance & HOA | $273.33 | $273.33 |
| Total housing payment | $1,880.98 | $1,889.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,018
Closing costs & prepaids$9,149
Usable credit−$0
Total buyer cash needed$14,167
Earnest money paid−$0
Remaining funds due$14,167
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,520.00
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)$370.00
Prepaid interest, first (1 days)$33.70
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 4.980%
Interest already paid$54,296Through Nov 2026
Assumption only · ends Aug 2052$227,899
New conventional · ends Dec 2056$343,957