Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,373/mo
Lowest payment- Down payment
- $16,993
- Funds due
- $25,542
- Interest + MI left
- $151,759
- First ends
- Aug 2052
New loan
New conventional
$1,442/mo
+$69/mo- Down payment
- $17,300
- Funds due
- $23,894
- Interest + MI left
- $236,130
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $156,007 | $155,700 |
| Second mortgage | — | — |
| First P&I | $921.74 | $1,078.04 |
| Second P&I | — | — |
| Mortgage insurance | $118.23 | $31.14 |
| Taxes, insurance & HOA | $333.08 | $333.08 |
| Total housing payment | $1,373.06 | $1,442.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,993
Closing costs & prepaids$8,549
Usable credit−$0
Total buyer cash needed$25,542
Earnest money paid−$0
Remaining funds due$25,542
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,730.00
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)$549.25
Prepaid interest, first (2 days)$44.88
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 9 moOf the original 30-year loan at 5.250%
Interest already paid$36,096Through Nov 2026
Assumption only · ends Aug 2052$151,759
New conventional · ends Dec 2056$236,130