Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,904/mo
+$170/mo- Down payment
- $0
- Funds due
- $9,171
- Interest + MI left
- $169,666
- First ends
- Feb 2052
New loan
New conventional
$1,734/mo
Lowest payment- Down payment
- $22,990
- Funds due
- $30,273
- Interest + MI left
- $302,537
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $288,753 | $206,910 |
| Second mortgage | — | — |
| First P&I | $1,384.35 | $1,401.68 |
| Second P&I | — | — |
| Mortgage insurance | $228.47 | $41.38 |
| Taxes, insurance & HOA | $291.00 | $291.00 |
| Total housing payment | $1,903.83 | $1,734.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,171
Usable credit−$0
Total buyer cash needed$9,171
Earnest money paid−$0
Remaining funds due$9,171
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,299.00
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)$276.00
Initial HOA (3 months)$147.00
Prepaid interest, first (9 days)$223.57
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 3.14%
Interest already paid$46,497Through Dec 2026
Assumption only · ends Feb 2052$169,666
New conventional · ends Jan 2057$302,537