Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,750/mo
Lowest payment- Down payment
- $34,964
- Funds due
- $44,522
- Interest + MI left
- $184,848
- First ends
- Oct 2052
New loan
New conventional
$1,914/mo
+$164/mo- Down payment
- $21,800
- Funds due
- $29,365
- Interest + MI left
- $297,551
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $183,036 | $196,200 |
| Second mortgage | — | — |
| First P&I | $1,095.66 | $1,358.45 |
| Second P&I | — | — |
| Mortgage insurance | $138.06 | $39.24 |
| Taxes, insurance & HOA | $516.25 | $516.25 |
| Total housing payment | $1,749.97 | $1,913.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,964
Closing costs & prepaids$9,558
Usable credit−$0
Total buyer cash needed$44,522
Earnest money paid−$0
Remaining funds due$44,522
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,180.00
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)$108.75
Initial HOA (3 months)$990.00
Prepaid interest, first (2 days)$54.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 30-year loan at 5.410%
Interest already paid$41,820Through Nov 2026
Assumption only · ends Oct 2052$184,848
New conventional · ends Dec 2056$297,551