Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,041/mo
+$458/mo- Down payment
- $0
- Funds due
- $8,918
- Interest + MI left
- $225,068
- First ends
- Jul 2052
New loan
New conventional
$1,583/mo
Lowest payment- Down payment
- $17,750
- Funds due
- $24,690
- Interest + MI left
- $242,272
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $244,769 | $159,750 |
| Second mortgage | — | — |
| First P&I | $1,409.40 | $1,106.08 |
| Second P&I | — | — |
| Mortgage insurance | $186.39 | $31.95 |
| Taxes, insurance & HOA | $445.00 | $445.00 |
| Total housing payment | $2,040.80 | $1,583.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,918
Usable credit−$0
Total buyer cash needed$8,918
Earnest money paid−$0
Remaining funds due$8,918
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,775.00
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)$78.00
Initial HOA (3 months)$807.00
Prepaid interest, first (1 days)$33.40
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$54,913Through Nov 2026
Assumption only · ends Jul 2052$225,068
New conventional · ends Dec 2056$242,272