Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,910/mo
+$568/mo- Down payment
- $0
- Funds due
- $8,541
- Interest + MI left
- $213,379
- First ends
- Aug 2052
New loan
New conventional
$1,342/mo
Lowest payment- Down payment
- $14,000
- Funds due
- $20,595
- Interest + MI left
- $191,087
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $220,195 | $126,000 |
| Second mortgage | — | — |
| First P&I | $1,298.37 | $872.40 |
| Second P&I | — | — |
| Mortgage insurance | $166.92 | $25.20 |
| Taxes, insurance & HOA | $444.75 | $444.75 |
| Total housing payment | $1,910.04 | $1,342.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,541
Usable credit−$0
Total buyer cash needed$8,541
Earnest money paid−$0
Remaining funds due$8,541
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,400.00
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)$329.25
Initial HOA (3 months)$555.00
Prepaid interest, first (1 days)$31.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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$50,759Through Nov 2026
Assumption only · ends Aug 2052$213,379
New conventional · ends Dec 2056$191,087