Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,304/mo
Lowest payment- Down payment
- $12,971
- Funds due
- $23,194
- Interest + MI left
- $284,077
- First ends
- Jul 2052
New loan
New conventional
$2,307/mo
+$3/mo- Down payment
- $32,300
- Funds due
- $40,534
- Interest + MI left
- $425,051
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $310,029 | $290,700 |
| Second mortgage | — | — |
| First P&I | $1,788.05 | $1,969.30 |
| Second P&I | — | — |
| Mortgage insurance | $236.47 | $58.14 |
| Taxes, insurance & HOA | $279.17 | $279.17 |
| Total housing payment | $2,303.69 | $2,306.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,971
Closing costs & prepaids$10,223
Usable credit−$0
Total buyer cash needed$23,194
Earnest money paid−$0
Remaining funds due$23,194
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,230.00
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)$387.50
Prepaid interest, first (9 days)$380.70
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 closing25 yr 7 moOf the original 30-year loan at 4.98%
Interest already paid$70,955Through Dec 2026
Assumption only · ends Jul 2052$284,077
New conventional · ends Jan 2057$425,051