Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,889/mo
Lowest payment- Down payment
- $25,540
- Funds due
- $35,151
- Interest + MI left
- $228,579
- First ends
- Jul 2052
New loan
New conventional
$1,986/mo
+$97/mo- Down payment
- $27,500
- Funds due
- $35,168
- Interest + MI left
- $361,886
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $249,460 | $247,500 |
| Second mortgage | — | — |
| First P&I | $1,438.73 | $1,676.65 |
| Second P&I | — | — |
| Mortgage insurance | $190.27 | $49.50 |
| Taxes, insurance & HOA | $260.00 | $260.00 |
| Total housing payment | $1,889.00 | $1,986.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,540
Closing costs & prepaids$9,611
Usable credit−$0
Total buyer cash needed$35,151
Earnest money paid−$0
Remaining funds due$35,151
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$330.00
Prepaid interest, first (9 days)$306.32
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$57,093Through Dec 2026
Assumption only · ends Jul 2052$228,579
New conventional · ends Jan 2057$361,886