Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,108/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,875
- Interest + MI left
- $181,193
- First ends
- Jan 2052
New loan
New conventional
$2,111/mo
+$3/mo- Down payment
- $27,990
- Funds due
- $35,992
- Interest + MI left
- $368,334
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $315,362 | $251,910 |
| Second mortgage | — | — |
| First P&I | $1,503.66 | $1,706.53 |
| Second P&I | — | — |
| Mortgage insurance | $250.38 | $50.38 |
| Taxes, insurance & HOA | $354.00 | $354.00 |
| Total housing payment | $2,108.04 | $2,110.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,875
Usable credit−$0
Total buyer cash needed$9,875
Earnest money paid−$0
Remaining funds due$9,875
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,799.00
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)$336.00
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$238.72
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 1 moOf the original 30-year loan at 3.07%
Interest already paid$50,599Through Dec 2026
Assumption only · ends Jan 2052$181,193
New conventional · ends Jan 2057$368,334