Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,229/mo
Lowest payment- Down payment
- $18,129
- Funds due
- $28,727
- Interest + MI left
- $207,951
- First ends
- Apr 2052
New loan
New conventional
$2,523/mo
+$294/mo- Down payment
- $34,200
- Funds due
- $42,925
- Interest + MI left
- $450,055
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $323,871 | $307,800 |
| Second mortgage | — | — |
| First P&I | $1,599.34 | $2,085.14 |
| Second P&I | — | — |
| Mortgage insurance | $253.86 | $61.56 |
| Taxes, insurance & HOA | $375.83 | $375.83 |
| Total housing payment | $2,229.03 | $2,522.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,129
Closing costs & prepaids$10,598
Usable credit−$0
Total buyer cash needed$28,727
Earnest money paid−$0
Remaining funds due$28,727
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,420.00
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)$410.50
Initial HOA (3 months)$267.00
Prepaid interest, first (9 days)$275.51
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$55,046Through Dec 2026
Assumption only · ends Apr 2052$207,951
New conventional · ends Jan 2057$450,055