Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,928/mo
Lowest payment- Down payment
- $35,911
- Funds due
- $45,794
- Interest + MI left
- $199,115
- First ends
- Jun 2052
New loan
New conventional
$2,165/mo
+$237/mo- Down payment
- $26,500
- Funds due
- $34,356
- Interest + MI left
- $361,701
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $229,089 | $238,500 |
| Second mortgage | — | — |
| First P&I | $1,286.61 | $1,651.33 |
| Second P&I | — | — |
| Mortgage insurance | $175.31 | $47.70 |
| Taxes, insurance & HOA | $466.42 | $466.42 |
| Total housing payment | $1,928.33 | $2,165.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,911
Closing costs & prepaids$9,883
Usable credit−$0
Total buyer cash needed$45,794
Earnest money paid−$0
Remaining funds due$45,794
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$199.25
Initial HOA (3 months)$750.00
Prepaid interest, first (2 days)$59.25
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 7 moOf the original 30-year loan at 4.720%
Interest already paid$49,779Through Nov 2026
Assumption only · ends Jun 2052$199,115
New conventional · ends Dec 2056$361,701