Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,662/mo
Lowest payment- Down payment
- $24,620
- Funds due
- $33,803
- Interest + MI left
- $203,416
- First ends
- Sep 2052
New loan
New conventional
$1,752/mo
+$90/mo- Down payment
- $23,990
- Funds due
- $31,244
- Interest + MI left
- $315,696
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $215,280 | $215,910 |
| Second mortgage | — | — |
| First P&I | $1,252.82 | $1,462.65 |
| Second P&I | — | — |
| Mortgage insurance | $163.44 | $43.18 |
| Taxes, insurance & HOA | $246.00 | $246.00 |
| Total housing payment | $1,662.26 | $1,751.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,620
Closing costs & prepaids$9,183
Usable credit−$0
Total buyer cash needed$33,803
Earnest money paid−$0
Remaining funds due$33,803
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,399.00
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)$288.00
Prepaid interest, first (9 days)$270.72
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 9 moOf the original 30-year loan at 5.1%
Interest already paid$48,431Through Dec 2026
Assumption only · ends Sep 2052$203,416
New conventional · ends Jan 2057$315,696