Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,532/mo
Lowest payment- Down payment
- $18,302
- Funds due
- $27,146
- Interest + MI left
- $171,228
- First ends
- Aug 2052
New loan
New conventional
$1,606/mo
+$74/mo- Down payment
- $19,500
- Funds due
- $26,369
- Interest + MI left
- $266,158
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $176,698 | $175,500 |
| Second mortgage | — | — |
| First P&I | $1,041.89 | $1,215.13 |
| Second P&I | — | — |
| Mortgage insurance | $133.95 | $35.10 |
| Taxes, insurance & HOA | $356.08 | $356.08 |
| Total housing payment | $1,531.91 | $1,606.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,302
Closing costs & prepaids$8,844
Usable credit−$0
Total buyer cash needed$27,146
Earnest money paid−$0
Remaining funds due$27,146
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,950.00
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)$593.25
Initial HOA (3 months)$24.99
Prepaid interest, first (2 days)$50.64
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 5.230%
Interest already paid$40,732Through Nov 2026
Assumption only · ends Aug 2052$171,228
New conventional · ends Dec 2056$266,158