Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,739/mo
Lowest payment- Down payment
- $8,293
- Funds due
- $17,689
- Interest + MI left
- $183,815
- First ends
- Jul 2052
New loan
New conventional
$1,740/mo
+$1/mo- Down payment
- $20,890
- Funds due
- $28,364
- Interest + MI left
- $274,902
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $200,607 | $188,010 |
| Second mortgage | — | — |
| First P&I | $1,156.98 | $1,273.65 |
| Second P&I | — | — |
| Mortgage insurance | $153.01 | $37.60 |
| Taxes, insurance & HOA | $428.58 | $428.58 |
| Total housing payment | $1,738.57 | $1,739.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,293
Closing costs & prepaids$9,396
Usable credit−$0
Total buyer cash needed$17,689
Earnest money paid−$0
Remaining funds due$17,689
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,089.00
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)$250.75
Initial HOA (3 months)$585.00
Prepaid interest, first (9 days)$246.33
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 7 moOf the original 30-year loan at 4.98%
Interest already paid$45,912Through Dec 2026
Assumption only · ends Jul 2052$183,815
New conventional · ends Jan 2057$274,902