Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,407/mo
+$530/mo- Down payment
- $0
- Funds due
- $12,457
- Interest + MI left
- $250,087
- First ends
- Jun 2052
New loan
New conventional
$2,877/mo
Lowest payment- Down payment
- $25,000
- Funds due
- $35,459
- Interest + MI left
- $328,987
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $358,070 | $225,000 |
| Second mortgage | — | — |
| First P&I | $1,821.14 | $1,524.23 |
| Second P&I | — | — |
| Mortgage insurance | $278.20 | $45.00 |
| Taxes, insurance & HOA | $1,308.00 | $1,308.00 |
| Total housing payment | $3,407.34 | $2,877.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,457
Usable credit−$0
Total buyer cash needed$12,457
Earnest money paid−$0
Remaining funds due$12,457
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$300.00
Initial HOA (3 months)$3,174.00
Prepaid interest, first (7 days)$258.20
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6 moOf the original 30-year loan at 3.76%
Interest already paid$63,657Through Dec 2026
Assumption only · ends Jun 2052$250,087
New conventional · ends Jan 2057$328,987