Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,719/mo
Lowest payment- Down payment
- $31,223
- Funds due
- $40,731
- Interest + MI left
- $161,917
- First ends
- Apr 2052
New loan
New conventional
$2,009/mo
+$290/mo- Down payment
- $25,090
- Funds due
- $32,570
- Interest + MI left
- $342,456
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $219,677 | $225,810 |
| Second mortgage | — | — |
| First P&I | $1,148.48 | $1,563.46 |
| Second P&I | — | — |
| Mortgage insurance | $170.40 | $45.16 |
| Taxes, insurance & HOA | $400.25 | $400.25 |
| Total housing payment | $1,719.13 | $2,008.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,223
Closing costs & prepaids$9,509
Usable credit−$0
Total buyer cash needed$40,731
Earnest money paid−$0
Remaining funds due$40,731
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,509.00
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)$750.75
Prepaid interest, first (1 days)$24.07
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 5 moOf the original 30-year loan at 4.000%
Interest already paid$42,282Through Nov 2026
Assumption only · ends Apr 2052$161,917
New conventional · ends Dec 2056$342,456