Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,021/mo
+$1,186/mo- Down payment
- $0
- Funds due
- $10,069
- Interest + MI left
- $266,800
- First ends
- Feb 2052
New loan
New conventional
$1,835/mo
Lowest payment- Down payment
- $16,490
- Funds due
- $24,524
- Interest + MI left
- $217,000
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $372,270 | $148,410 |
| Second mortgage | — | — |
| First P&I | $1,957.40 | $1,005.38 |
| Second P&I | — | — |
| Mortgage insurance | $263.69 | $29.68 |
| Taxes, insurance & HOA | $800.00 | $800.00 |
| Total housing payment | $3,021.09 | $1,835.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,069
Usable credit−$0
Total buyer cash needed$10,069
Earnest money paid−$0
Remaining funds due$10,069
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,649.00
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)$198.00
Initial HOA (3 months)$1,752.00
Prepaid interest, first (6 days)$244.78
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 2 moOf the original 30-year loan at 4%
Interest already paid$75,800Through Dec 2026
Assumption only · ends Feb 2052$266,800
New conventional · ends Jan 2057$217,000