Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,208/mo
Lowest payment- Down payment
- $6,128
- Funds due
- $18,733
- Interest + MI left
- $283,324
- First ends
- Feb 2052
New loan
New conventional
$3,674/mo
+$466/mo- Down payment
- $52,500
- Funds due
- $63,093
- Interest + MI left
- $690,873
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $518,872 | $472,500 |
| Second mortgage | — | — |
| First P&I | $2,417.31 | $3,200.88 |
| Second P&I | — | — |
| Mortgage insurance | $412.43 | $94.50 |
| Taxes, insurance & HOA | $378.34 | $378.34 |
| Total housing payment | $3,208.08 | $3,673.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,128
Closing costs & prepaids$12,606
Usable credit−$0
Total buyer cash needed$18,733
Earnest money paid−$0
Remaining funds due$18,733
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$630.00
Initial HOA (3 months)$5.01
Prepaid interest, first (6 days)$245.65
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 2.88%
Interest already paid$76,817Through Dec 2026
Assumption only · ends Feb 2052$283,324
New conventional · ends Jan 2057$690,873