Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,996/mo
Lowest payment- Down payment
- $31,152
- Funds due
- $41,063
- Interest + MI left
- $216,227
- First ends
- Aug 2052
New loan
New conventional
$2,158/mo
+$161/mo- Down payment
- $25,999
- Funds due
- $33,882
- Interest + MI left
- $354,863
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $228,838 | $233,991 |
| Second mortgage | — | — |
| First P&I | $1,331.72 | $1,620.11 |
| Second P&I | — | — |
| Mortgage insurance | $173.74 | $46.80 |
| Taxes, insurance & HOA | $490.92 | $490.92 |
| Total housing payment | $1,996.37 | $2,157.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,152
Closing costs & prepaids$9,912
Usable credit−$0
Total buyer cash needed$41,063
Earnest money paid−$0
Remaining funds due$41,063
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,599.90
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)$1,022.75
Prepaid interest, first (2 days)$63.95
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 5.100%
Interest already paid$51,481Through Nov 2026
Assumption only · ends Aug 2052$216,227
New conventional · ends Dec 2056$354,863