Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,550/mo
Lowest payment- Down payment
- $25,087
- Funds due
- $34,619
- Interest + MI left
- $112,346
- First ends
- Sep 2052
New loan
New conventional
$1,780/mo
+$230/mo- Down payment
- $17,500
- Funds due
- $25,088
- Interest + MI left
- $238,859
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $149,913 | $157,500 |
| Second mortgage | — | — |
| First P&I | $776.47 | $1,090.50 |
| Second P&I | — | — |
| Mortgage insurance | $115.20 | $31.50 |
| Taxes, insurance & HOA | $658.00 | $658.00 |
| Total housing payment | $1,549.67 | $1,780.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,087
Closing costs & prepaids$9,532
Usable credit−$0
Total buyer cash needed$34,619
Earnest money paid−$0
Remaining funds due$34,619
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,750.00
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)$363.00
Initial HOA (3 months)$1,161.00
Prepaid interest, first (2 days)$32.86
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 10 moOf the original 30-year loan at 4.000%
Interest already paid$26,097Through Nov 2026
Assumption only · ends Sep 2052$112,346
New conventional · ends Dec 2056$238,859