Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,062/mo
Lowest payment- Down payment
- $16,824
- Funds due
- $27,043
- Interest + MI left
- $178,838
- First ends
- May 2052
New loan
New conventional
$2,289/mo
+$227/mo- Down payment
- $26,500
- Funds due
- $34,677
- Interest + MI left
- $361,697
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $248,173 | $238,497 |
| Second mortgage | — | — |
| First P&I | $1,279.92 | $1,651.31 |
| Second P&I | — | — |
| Mortgage insurance | $192.45 | $47.70 |
| Taxes, insurance & HOA | $589.50 | $589.50 |
| Total housing payment | $2,061.87 | $2,288.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,824
Closing costs & prepaids$10,220
Usable credit−$0
Total buyer cash needed$27,043
Earnest money paid−$0
Remaining funds due$27,043
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,649.97
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)$1,168.50
Initial HOA (3 months)$150.00
Prepaid interest, first (1 days)$26.45
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 6 moOf the original 30-year loan at 3.890%
Interest already paid$45,599Through Nov 2026
Assumption only · ends May 2052$178,838
New conventional · ends Dec 2056$361,697