Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,887/mo
Lowest payment- Down payment
- $0
- Funds due
- $11,649
- Interest + MI left
- $285,129
- First ends
- Sep 2052
New loan
New conventional
$2,934/mo
+$47/mo- Down payment
- $36,000
- Funds due
- $45,619
- Interest + MI left
- $473,742
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $364,591 | $324,000 |
| Second mortgage | — | — |
| First P&I | $1,932.64 | $2,194.89 |
| Second P&I | — | — |
| Mortgage insurance | $279.94 | $64.80 |
| Taxes, insurance & HOA | $674.00 | $674.00 |
| Total housing payment | $2,886.58 | $2,933.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,649
Usable credit−$0
Total buyer cash needed$11,649
Earnest money paid−$0
Remaining funds due$11,649
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$432.00
Initial HOA (3 months)$1,140.00
Prepaid interest, first (6 days)$251.72
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 9 moOf the original 30-year loan at 4.2%
Interest already paid$67,947Through Dec 2026
Assumption only · ends Sep 2052$285,129
New conventional · ends Jan 2057$473,742