Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,808/mo
Lowest payment- Down payment
- $29,416
- Funds due
- $39,875
- Interest + MI left
- $171,064
- First ends
- Jan 2056
New loan
New conventional
$2,359/mo
+$550/mo- Down payment
- $29,500
- Funds due
- $38,121
- Interest + MI left
- $388,205
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $265,584 | $265,500 |
| Second mortgage | — | — |
| First P&I | $1,177.42 | $1,798.59 |
| Second P&I | — | — |
| Mortgage insurance | $124.00 | $53.10 |
| Taxes, insurance & HOA | $507.00 | $507.00 |
| Total housing payment | $1,808.41 | $2,358.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,416
Closing costs & prepaids$10,459
Usable credit−$0
Total buyer cash needed$39,875
Earnest money paid−$0
Remaining funds due$39,875
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$354.00
Initial HOA (3 months)$717.00
Prepaid interest, first (9 days)$212.83
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing29 yr 1 moOf the original 30-year loan at 3.25%
Interest already paid$7,993Through Dec 2026
Assumption only · ends Jan 2056$171,064
New conventional · ends Jan 2057$388,205