Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,988/mo
Lowest payment- Down payment
- $31,280
- Funds due
- $40,792
- Interest + MI left
- $250,711
- First ends
- Aug 2052
New loan
New conventional
$2,126/mo
+$138/mo- Down payment
- $29,000
- Funds due
- $36,437
- Interest + MI left
- $395,824
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $258,720 | $261,000 |
| Second mortgage | — | — |
| First P&I | $1,525.52 | $1,807.11 |
| Second P&I | — | — |
| Mortgage insurance | $196.12 | $52.20 |
| Taxes, insurance & HOA | $266.50 | $266.50 |
| Total housing payment | $1,988.15 | $2,125.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,280
Closing costs & prepaids$9,512
Usable credit−$0
Total buyer cash needed$40,792
Earnest money paid−$0
Remaining funds due$40,792
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$349.50
Prepaid interest, first (1 days)$37.07
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$59,640Through Nov 2026
Assumption only · ends Aug 2052$250,711
New conventional · ends Dec 2056$395,824