Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,383/mo
Lowest payment- Down payment
- $16,657
- Funds due
- $25,308
- Interest + MI left
- $155,447
- First ends
- Jun 2052
New loan
New conventional
$1,472/mo
+$89/mo- Down payment
- $19,800
- Funds due
- $26,560
- Interest + MI left
- $260,558
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $181,343 | $178,200 |
| Second mortgage | — | — |
| First P&I | $1,014.95 | $1,207.19 |
| Second P&I | — | — |
| Mortgage insurance | $139.10 | $35.64 |
| Taxes, insurance & HOA | $229.17 | $229.17 |
| Total housing payment | $1,383.21 | $1,472.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,657
Closing costs & prepaids$8,651
Usable credit−$0
Total buyer cash needed$25,308
Earnest money paid−$0
Remaining funds due$25,308
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,980.00
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)$237.50
Prepaid interest, first (9 days)$208.82
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 closing25 yr 6 moOf the original 30-year loan at 4.67%
Interest already paid$39,773Through Dec 2026
Assumption only · ends Jun 2052$155,447
New conventional · ends Jan 2057$260,558