Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,271/mo
Lowest payment- Down payment
- $26,477
- Funds due
- $37,273
- Interest + MI left
- $200,783
- First ends
- Jun 2052
New loan
New conventional
$2,454/mo
+$183/mo- Down payment
- $25,990
- Funds due
- $34,762
- Interest + MI left
- $354,740
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $233,423 | $233,910 |
| Second mortgage | — | — |
| First P&I | $1,304.22 | $1,619.55 |
| Second P&I | — | — |
| Mortgage insurance | $178.75 | $46.78 |
| Taxes, insurance & HOA | $787.67 | $787.67 |
| Total housing payment | $2,270.63 | $2,453.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,477
Closing costs & prepaids$10,797
Usable credit−$0
Total buyer cash needed$37,273
Earnest money paid−$0
Remaining funds due$37,273
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,599.00
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)$818.00
Initial HOA (3 months)$1,095.00
Prepaid interest, first (2 days)$59.73
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 7 moOf the original 30-year loan at 4.670%
Interest already paid$50,201Through Nov 2026
Assumption only · ends Jun 2052$200,783
New conventional · ends Dec 2056$354,740