Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,679/mo
Lowest payment- Down payment
- $7,970
- Funds due
- $16,997
- Interest + MI left
- $184,758
- First ends
- Jul 2052
New loan
New conventional
$1,709/mo
+$29/mo- Down payment
- $20,890
- Funds due
- $27,930
- Interest + MI left
- $285,130
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $200,930 | $188,010 |
| Second mortgage | — | — |
| First P&I | $1,156.98 | $1,301.74 |
| Second P&I | — | — |
| Mortgage insurance | $153.01 | $37.60 |
| Taxes, insurance & HOA | $369.50 | $369.50 |
| Total housing payment | $1,679.49 | $1,708.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,970
Closing costs & prepaids$9,027
Usable credit−$0
Total buyer cash needed$16,997
Earnest money paid−$0
Remaining funds due$16,997
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)$73.50
Initial HOA (3 months)$585.00
Prepaid interest, first (2 days)$54.83
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 8 moOf the original 30-year loan at 4.980%
Interest already paid$45,078Through Nov 2026
Assumption only · ends Jul 2052$184,758
New conventional · ends Dec 2056$285,130