Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,555/mo
Lowest payment- Down payment
- $24,717
- Funds due
- $33,802
- Interest + MI left
- $154,531
- First ends
- Jun 2052
New loan
New conventional
$1,781/mo
+$226/mo- Down payment
- $22,500
- Funds due
- $29,597
- Interest + MI left
- $307,105
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $200,283 | $202,500 |
| Second mortgage | — | — |
| First P&I | $1,062.14 | $1,402.07 |
| Second P&I | — | — |
| Mortgage insurance | $154.40 | $40.50 |
| Taxes, insurance & HOA | $338.17 | $338.17 |
| Total housing payment | $1,554.71 | $1,780.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,717
Closing costs & prepaids$9,085
Usable credit−$0
Total buyer cash needed$33,802
Earnest money paid−$0
Remaining funds due$33,802
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$564.50
Prepaid interest, first (2 days)$45.76
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 4.170%
Interest already paid$38,597Through Nov 2026
Assumption only · ends Jun 2052$154,531
New conventional · ends Dec 2056$307,105