Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,214/mo
Lowest payment- Down payment
- $23,535
- Funds due
- $33,693
- Interest + MI left
- $243,500
- First ends
- Jul 2052
New loan
New conventional
$2,336/mo
+$122/mo- Down payment
- $28,835
- Funds due
- $36,921
- Interest + MI left
- $393,572
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $264,815 | $259,515 |
| Second mortgage | — | — |
| First P&I | $1,524.83 | $1,796.83 |
| Second P&I | — | — |
| Mortgage insurance | $201.66 | $51.90 |
| Taxes, insurance & HOA | $487.75 | $487.75 |
| Total housing payment | $2,214.24 | $2,336.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,535
Closing costs & prepaids$10,158
Usable credit−$0
Total buyer cash needed$33,693
Earnest money paid−$0
Remaining funds due$33,693
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,883.50
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)$968.25
Initial HOA (3 months)$45.00
Prepaid interest, first (1 days)$36.13
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 8 moOf the original 30-year loan at 4.980%
Interest already paid$59,410Through Nov 2026
Assumption only · ends Jul 2052$243,500
New conventional · ends Dec 2056$393,572