Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,365/mo
+$195/mo- Down payment
- $0
- Funds due
- $9,901
- Interest + MI left
- $150,097
- First ends
- Mar 2047
New loan
New conventional
$2,170/mo
Lowest payment- Down payment
- $29,800
- Funds due
- $37,829
- Interest + MI left
- $392,153
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $324,550 | $268,200 |
| Second mortgage | — | — |
| First P&I | $1,800.05 | $1,816.88 |
| Second P&I | — | — |
| Mortgage insurance | $265.95 | $53.64 |
| Taxes, insurance & HOA | $299.17 | $299.17 |
| Total housing payment | $2,365.16 | $2,169.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,901
Usable credit−$0
Total buyer cash needed$9,901
Earnest money paid−$0
Remaining funds due$9,901
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,980.00
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)$357.50
Initial HOA (3 months)$90.00
Prepaid interest, first (9 days)$248.08
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 closing20 yr 3 moOf the original 25-year loan at 3.1%
Interest already paid$51,696Through Dec 2026
Assumption only · ends Mar 2047$150,097
New conventional · ends Jan 2057$392,153