Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,174/mo
+$30/mo- Down payment
- $4,937
- Funds due
- $14,773
- Interest + MI left
- $247,652
- First ends
- Aug 2052
New loan
New conventional
$2,143/mo
Lowest payment- Down payment
- $26,050
- Funds due
- $33,837
- Interest + MI left
- $355,559
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $255,563 | $234,450 |
| Second mortgage | — | — |
| First P&I | $1,506.91 | $1,623.28 |
| Second P&I | — | — |
| Mortgage insurance | $193.73 | $46.89 |
| Taxes, insurance & HOA | $473.17 | $473.17 |
| Total housing payment | $2,173.81 | $2,143.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,937
Closing costs & prepaids$9,836
Usable credit−$0
Total buyer cash needed$14,773
Earnest money paid−$0
Remaining funds due$14,773
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,605.00
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)$792.50
Initial HOA (3 months)$177.00
Prepaid interest, first (1 days)$36.62
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 9 moOf the original 30-year loan at 5.230%
Interest already paid$58,912Through Nov 2026
Assumption only · ends Aug 2052$247,652
New conventional · ends Dec 2056$355,559