Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,359/mo
Lowest payment- Down payment
- $16,349
- Funds due
- $24,743
- Interest + MI left
- $156,251
- First ends
- Jun 2052
New loan
New conventional
$1,475/mo
+$115/mo- Down payment
- $19,800
- Funds due
- $26,209
- Interest + MI left
- $270,252
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $181,651 | $178,200 |
| Second mortgage | — | — |
| First P&I | $1,014.95 | $1,233.82 |
| Second P&I | — | — |
| Mortgage insurance | $139.10 | $35.64 |
| Taxes, insurance & HOA | $205.33 | $205.33 |
| Total housing payment | $1,359.38 | $1,474.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,349
Closing costs & prepaids$8,394
Usable credit−$0
Total buyer cash needed$24,743
Earnest money paid−$0
Remaining funds due$24,743
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,980.00
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)$166.00
Prepaid interest, first (1 days)$23.24
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 7 moOf the original 30-year loan at 4.670%
Interest already paid$39,066Through Nov 2026
Assumption only · ends Jun 2052$156,251
New conventional · ends Dec 2056$270,252