Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,809/mo
+$4/mo- Down payment
- $0
- Funds due
- $9,419
- Interest + MI left
- $162,419
- First ends
- May 2052
New loan
New conventional
$1,805/mo
Lowest payment- Down payment
- $22,500
- Funds due
- $30,038
- Interest + MI left
- $296,088
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $245,789 | $202,500 |
| Second mortgage | — | — |
| First P&I | $1,224.49 | $1,371.81 |
| Second P&I | — | — |
| Mortgage insurance | $191.96 | $40.50 |
| Taxes, insurance & HOA | $393.00 | $393.00 |
| Total housing payment | $1,809.45 | $1,805.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,419
Usable credit−$0
Total buyer cash needed$9,419
Earnest money paid−$0
Remaining funds due$9,419
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$270.00
Initial HOA (3 months)$459.00
Prepaid interest, first (9 days)$215.15
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 5 moOf the original 30-year loan at 3.55%
Interest already paid$42,136Through Dec 2026
Assumption only · ends May 2052$162,419
New conventional · ends Jan 2057$296,088