Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,727/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,428
- Interest + MI left
- $152,558
- First ends
- Apr 2052
New loan
New conventional
$1,842/mo
+$116/mo- Down payment
- $23,500
- Funds due
- $31,065
- Interest + MI left
- $309,248
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $237,600 | $211,500 |
| Second mortgage | — | — |
| First P&I | $1,173.31 | $1,432.77 |
| Second P&I | — | — |
| Mortgage insurance | $186.24 | $42.30 |
| Taxes, insurance & HOA | $367.00 | $367.00 |
| Total housing payment | $1,726.55 | $1,842.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,428
Usable credit−$0
Total buyer cash needed$9,428
Earnest money paid−$0
Remaining funds due$9,428
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,350.00
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)$282.00
Initial HOA (3 months)$369.00
Prepaid interest, first (9 days)$202.12
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$40,383Through Dec 2026
Assumption only · ends Apr 2052$152,558
New conventional · ends Jan 2057$309,248