Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,151/mo
+$259/mo- Down payment
- $0
- Funds due
- $9,547
- Interest + MI left
- $202,254
- First ends
- Apr 2052
New loan
New conventional
$1,892/mo
Lowest payment- Down payment
- $24,590
- Funds due
- $32,215
- Interest + MI left
- $323,592
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $314,999 | $221,310 |
| Second mortgage | — | — |
| First P&I | $1,555.52 | $1,499.23 |
| Second P&I | — | — |
| Mortgage insurance | $246.90 | $44.26 |
| Taxes, insurance & HOA | $348.33 | $348.33 |
| Total housing payment | $2,150.76 | $1,891.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,547
Usable credit−$0
Total buyer cash needed$9,547
Earnest money paid−$0
Remaining funds due$9,547
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,459.00
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)$295.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$267.96
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 4 moOf the original 30-year loan at 3.45%
Interest already paid$53,538Through Dec 2026
Assumption only · ends Apr 2052$202,254
New conventional · ends Jan 2057$323,592