Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,245/mo
+$410/mo- Down payment
- $0
- Funds due
- $12,179
- Interest + MI left
- $208,537
- First ends
- Jul 2051
New loan
New conventional
$2,835/mo
Lowest payment- Down payment
- $25,990
- Funds due
- $36,192
- Interest + MI left
- $342,015
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,173 | $233,910 |
| Second mortgage | — | — |
| First P&I | $1,784.35 | $1,584.59 |
| Second P&I | — | — |
| Mortgage insurance | $256.54 | $46.78 |
| Taxes, insurance & HOA | $1,204.00 | $1,204.00 |
| Total housing payment | $3,244.88 | $2,835.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,179
Usable credit−$0
Total buyer cash needed$12,179
Earnest money paid−$0
Remaining funds due$12,179
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,599.00
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)$312.00
Initial HOA (3 months)$2,850.00
Prepaid interest, first (6 days)$193.49
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 closing24 yr 7 moOf the original 30-year loan at 3.25%
Interest already paid$68,155Through Dec 2026
Assumption only · ends Jul 2051$208,537
New conventional · ends Jan 2057$342,015