Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,165/mo
Lowest payment- Down payment
- $30,163
- Funds due
- $40,820
- Interest + MI left
- $187,213
- First ends
- Feb 2052
New loan
New conventional
$2,590/mo
+$426/mo- Down payment
- $35,500
- Funds due
- $44,322
- Interest + MI left
- $467,162
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $324,837 | $319,500 |
| Second mortgage | — | — |
| First P&I | $1,545.43 | $2,164.40 |
| Second P&I | — | — |
| Mortgage insurance | $257.34 | $63.90 |
| Taxes, insurance & HOA | $362.00 | $362.00 |
| Total housing payment | $2,164.76 | $2,590.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,163
Closing costs & prepaids$10,657
Usable credit−$0
Total buyer cash needed$40,820
Earnest money paid−$0
Remaining funds due$40,820
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$426.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$245.90
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 2 moOf the original 30-year loan at 3.07%
Interest already paid$51,173Through Dec 2026
Assumption only · ends Feb 2052$187,213
New conventional · ends Jan 2057$467,162