Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,297/mo
Lowest payment- Down payment
- $32,786
- Funds due
- $41,671
- Interest + MI left
- $107,956
- First ends
- Feb 2052
New loan
New conventional
$1,652/mo
+$354/mo- Down payment
- $22,490
- Funds due
- $29,567
- Interest + MI left
- $295,957
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $192,114 | $202,410 |
| Second mortgage | — | — |
| First P&I | $904.98 | $1,371.20 |
| Second P&I | — | — |
| Mortgage insurance | $152.43 | $40.48 |
| Taxes, insurance & HOA | $240.00 | $240.00 |
| Total housing payment | $1,297.41 | $1,651.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,786
Closing costs & prepaids$8,885
Usable credit−$0
Total buyer cash needed$41,671
Earnest money paid−$0
Remaining funds due$41,671
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,249.00
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)$270.00
Prepaid interest, first (9 days)$141.16
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 2 moOf the original 30-year loan at 2.98%
Interest already paid$29,402Through Dec 2026
Assumption only · ends Feb 2052$107,956
New conventional · ends Jan 2057$295,957