Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,883/mo
Lowest payment- Down payment
- $13,206
- Funds due
- $22,557
- Interest + MI left
- $212,792
- First ends
- Jun 2052
New loan
New conventional
$2,060/mo
+$178/mo- Down payment
- $28,900
- Funds due
- $36,204
- Interest + MI left
- $394,459
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $275,794 | $260,100 |
| Second mortgage | — | — |
| First P&I | $1,462.59 | $1,800.88 |
| Second P&I | — | — |
| Mortgage insurance | $212.61 | $52.02 |
| Taxes, insurance & HOA | $207.50 | $207.50 |
| Total housing payment | $1,882.71 | $2,060.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,206
Closing costs & prepaids$9,351
Usable credit−$0
Total buyer cash needed$22,557
Earnest money paid−$0
Remaining funds due$22,557
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,890.00
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)$172.50
Prepaid interest, first (2 days)$63.02
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 4.170%
Interest already paid$53,149Through Nov 2026
Assumption only · ends Jun 2052$212,792
New conventional · ends Dec 2056$394,459