Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,776/mo
Lowest payment- Down payment
- $162
- Funds due
- $9,811
- Interest + MI left
- $135,164
- First ends
- Apr 2052
New loan
New conventional
$1,925/mo
+$148/mo- Down payment
- $21,000
- Funds due
- $28,676
- Interest + MI left
- $286,631
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $209,838 | $189,000 |
| Second mortgage | — | — |
| First P&I | $1,034.09 | $1,308.60 |
| Second P&I | — | — |
| Mortgage insurance | $164.14 | $37.80 |
| Taxes, insurance & HOA | $578.25 | $578.25 |
| Total housing payment | $1,776.48 | $1,924.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$162
Closing costs & prepaids$9,649
Usable credit−$0
Total buyer cash needed$9,811
Earnest money paid−$0
Remaining funds due$9,811
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,100.00
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)$474.75
Initial HOA (3 months)$810.00
Prepaid interest, first (2 days)$39.67
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 5 moOf the original 30-year loan at 3.450%
Interest already paid$34,988Through Nov 2026
Assumption only · ends Apr 2052$135,164
New conventional · ends Dec 2056$286,631