Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,434/mo
Lowest payment- Down payment
- $31,687
- Funds due
- $43,127
- Interest + MI left
- $183,165
- First ends
- Feb 2052
New loan
New conventional
$2,864/mo
+$430/mo- Down payment
- $34,950
- Funds due
- $44,451
- Interest + MI left
- $459,924
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $317,813 | $314,550 |
| Second mortgage | — | — |
| First P&I | $1,512.01 | $2,130.87 |
| Second P&I | — | — |
| Mortgage insurance | $251.77 | $62.91 |
| Taxes, insurance & HOA | $669.83 | $669.83 |
| Total housing payment | $2,433.62 | $2,863.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,687
Closing costs & prepaids$11,440
Usable credit−$0
Total buyer cash needed$43,127
Earnest money paid−$0
Remaining funds due$43,127
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,495.00
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)$419.50
Initial HOA (3 months)$1,140.00
Prepaid interest, first (6 days)$160.39
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 3.07%
Interest already paid$50,067Through Dec 2026
Assumption only · ends Feb 2052$183,165
New conventional · ends Jan 2057$459,924