Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,285/mo
+$151/mo- Down payment
- $0
- Funds due
- $10,558
- Interest + MI left
- $123,990
- First ends
- Apr 2052
New loan
New conventional
$2,134/mo
Lowest payment- Down payment
- $19,500
- Funds due
- $28,167
- Interest + MI left
- $256,610
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $266,027 | $175,500 |
| Second mortgage | — | — |
| First P&I | $1,162.10 | $1,188.90 |
| Second P&I | — | — |
| Mortgage insurance | $212.50 | $35.10 |
| Taxes, insurance & HOA | $910.00 | $910.00 |
| Total housing payment | $2,284.60 | $2,134.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,558
Usable credit−$0
Total buyer cash needed$10,558
Earnest money paid−$0
Remaining funds due$10,558
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,950.00
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)$234.00
Initial HOA (3 months)$2,046.00
Prepaid interest, first (6 days)$102.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 4 moOf the original 30-year loan at 2.35%
Interest already paid$31,104Through Dec 2026
Assumption only · ends Apr 2052$123,990
New conventional · ends Jan 2057$256,610