Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,245/mo
Lowest payment- Down payment
- $21,267
- Funds due
- $31,519
- Interest + MI left
- $253,542
- First ends
- Nov 2052
New loan
New conventional
$2,284/mo
+$38/mo- Down payment
- $26,500
- Funds due
- $34,710
- 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 | $243,733 | $238,500 |
| Second mortgage | — | — |
| First P&I | $1,477.42 | $1,651.33 |
| Second P&I | — | — |
| Mortgage insurance | $183.30 | $47.70 |
| Taxes, insurance & HOA | $584.50 | $584.50 |
| Total housing payment | $2,245.22 | $2,283.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,267
Closing costs & prepaids$10,253
Usable credit−$0
Total buyer cash needed$31,519
Earnest money paid−$0
Remaining funds due$31,519
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)$1,250.75
Initial HOA (3 months)$52.74
Prepaid interest, first (2 days)$74.12
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 closing26 yrOf the original 30-year loan at 5.550%
Interest already paid$55,875Through Nov 2026
Assumption only · ends Nov 2052$253,542
New conventional · ends Dec 2056$361,701