Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,859/mo
+$20/mo- Down payment
- $6,413
- Funds due
- $15,775
- Interest + MI left
- $226,739
- First ends
- Aug 2052
New loan
New conventional
$1,839/mo
Lowest payment- Down payment
- $25,300
- Funds due
- $32,709
- Interest + MI left
- $332,935
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $246,587 | $227,700 |
| Second mortgage | — | — |
| First P&I | $1,419.87 | $1,542.52 |
| Second P&I | — | — |
| Mortgage insurance | $187.78 | $45.54 |
| Taxes, insurance & HOA | $251.17 | $251.17 |
| Total housing payment | $1,858.82 | $1,839.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,413
Closing costs & prepaids$9,361
Usable credit−$0
Total buyer cash needed$15,775
Earnest money paid−$0
Remaining funds due$15,775
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,530.00
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)$303.50
Prepaid interest, first (9 days)$302.79
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 8 moOf the original 30-year loan at 4.98%
Interest already paid$55,321Through Dec 2026
Assumption only · ends Aug 2052$226,739
New conventional · ends Jan 2057$332,935