Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,011/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,673
- Interest + MI left
- $176,160
- First ends
- Jan 2052
New loan
New conventional
$2,031/mo
+$20/mo- Down payment
- $27,490
- Funds due
- $35,294
- Interest + MI left
- $361,754
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $306,602 | $247,410 |
| Second mortgage | — | — |
| First P&I | $1,461.89 | $1,676.04 |
| Second P&I | — | — |
| Mortgage insurance | $243.43 | $49.48 |
| Taxes, insurance & HOA | $305.67 | $305.67 |
| Total housing payment | $2,010.99 | $2,031.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,673
Usable credit−$0
Total buyer cash needed$9,673
Earnest money paid−$0
Remaining funds due$9,673
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,749.00
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)$330.00
Initial HOA (3 months)$137.01
Prepaid interest, first (9 days)$232.09
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$49,193Through Dec 2026
Assumption only · ends Jan 2052$176,160
New conventional · ends Jan 2057$361,754