Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,412/mo
+$284/mo- Down payment
- $0
- Funds due
- $10,381
- Interest + MI left
- $168,831
- First ends
- Jan 2050
New loan
New conventional
$2,128/mo
Lowest payment- Down payment
- $22,000
- Funds due
- $30,430
- Interest + MI left
- $289,509
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $267,334 | $198,000 |
| Second mortgage | — | — |
| First P&I | $1,443.75 | $1,341.32 |
| Second P&I | — | — |
| Mortgage insurance | $220.82 | $39.60 |
| Taxes, insurance & HOA | $747.00 | $747.00 |
| Total housing payment | $2,411.58 | $2,127.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,381
Usable credit−$0
Total buyer cash needed$10,381
Earnest money paid−$0
Remaining funds due$10,381
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,200.00
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)$264.00
Initial HOA (3 months)$1,527.00
Prepaid interest, first (6 days)$164.79
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 closing23 yr 1 moOf the original 30-year loan at 3.75%
Interest already paid$75,417Through Dec 2026
Assumption only · ends Jan 2050$168,831
New conventional · ends Jan 2057$289,509