Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,946/mo
Lowest payment- Down payment
- $18,983
- Funds due
- $29,000
- Interest + MI left
- $206,822
- First ends
- Mar 2053
New loan
New conventional
$2,039/mo
+$94/mo- Down payment
- $24,300
- Funds due
- $32,392
- Interest + MI left
- $319,776
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $224,017 | $218,700 |
| Second mortgage | — | — |
| First P&I | $1,262.62 | $1,481.55 |
| Second P&I | — | — |
| Mortgage insurance | $168.90 | $43.74 |
| Taxes, insurance & HOA | $514.17 | $514.17 |
| Total housing payment | $1,945.69 | $2,039.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,983
Closing costs & prepaids$10,017
Usable credit−$0
Total buyer cash needed$29,000
Earnest money paid−$0
Remaining funds due$29,000
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,430.00
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)$291.50
Initial HOA (3 months)$801.00
Prepaid interest, first (9 days)$269.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 yr 3 moOf the original 30-year loan at 4.88%
Interest already paid$42,385Through Dec 2026
Assumption only · ends Mar 2053$206,822
New conventional · ends Jan 2057$319,776