Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,603/mo
Lowest payment- Down payment
- $24,283
- Funds due
- $33,047
- Interest + MI left
- $204,451
- First ends
- Sep 2052
New loan
New conventional
$1,725/mo
+$122/mo- Down payment
- $23,990
- Funds due
- $30,728
- Interest + MI left
- $327,442
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $215,617 | $215,910 |
| Second mortgage | — | — |
| First P&I | $1,252.82 | $1,494.92 |
| Second P&I | — | — |
| Mortgage insurance | $163.44 | $43.18 |
| Taxes, insurance & HOA | $186.58 | $186.58 |
| Total housing payment | $1,602.84 | $1,724.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,283
Closing costs & prepaids$8,764
Usable credit−$0
Total buyer cash needed$33,047
Earnest money paid−$0
Remaining funds due$33,047
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,399.00
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)$109.75
Prepaid interest, first (1 days)$30.13
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 10 moOf the original 30-year loan at 5.100%
Interest already paid$47,515Through Nov 2026
Assumption only · ends Sep 2052$204,451
New conventional · ends Dec 2056$327,442