Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,132/mo
Lowest payment- Down payment
- $0
- Funds due
- $10,063
- Interest + MI left
- $186,323
- First ends
- Feb 2052
New loan
New conventional
$2,230/mo
+$98/mo- Down payment
- $29,990
- Funds due
- $38,186
- Interest + MI left
- $394,653
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $320,614 | $269,910 |
| Second mortgage | — | — |
| First P&I | $1,530.38 | $1,828.46 |
| Second P&I | — | — |
| Mortgage insurance | $253.86 | $53.98 |
| Taxes, insurance & HOA | $348.00 | $348.00 |
| Total housing payment | $2,132.23 | $2,230.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,063
Usable credit−$0
Total buyer cash needed$10,063
Earnest money paid−$0
Remaining funds due$10,063
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$360.00
Initial HOA (3 months)$234.00
Prepaid interest, first (9 days)$245.07
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 3.1%
Interest already paid$50,988Through Dec 2026
Assumption only · ends Feb 2052$186,323
New conventional · ends Jan 2057$394,653