Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,437/mo
Lowest payment- Down payment
- $26,520
- Funds due
- $37,933
- Interest + MI left
- $184,792
- First ends
- Feb 2052
New loan
New conventional
$2,830/mo
+$393/mo- Down payment
- $34,450
- Funds due
- $43,956
- Interest + MI left
- $453,344
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $317,980 | $310,050 |
| Second mortgage | — | — |
| First P&I | $1,517.80 | $2,100.39 |
| Second P&I | — | — |
| Mortgage insurance | $251.77 | $62.01 |
| Taxes, insurance & HOA | $667.83 | $667.83 |
| Total housing payment | $2,437.41 | $2,830.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,520
Closing costs & prepaids$11,413
Usable credit−$0
Total buyer cash needed$37,933
Earnest money paid−$0
Remaining funds due$37,933
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,445.00
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)$413.50
Initial HOA (3 months)$1,140.00
Prepaid interest, first (7 days)$189.05
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 2 moOf the original 30-year loan at 3.1%
Interest already paid$50,569Through Dec 2026
Assumption only · ends Feb 2052$184,792
New conventional · ends Jan 2057$453,344