Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,975/mo
Lowest payment- Down payment
- $41,827
- Funds due
- $54,319
- Interest + MI left
- $265,684
- First ends
- Feb 2052
New loan
New conventional
$3,563/mo
+$588/mo- Down payment
- $49,900
- Funds due
- $60,390
- Interest + MI left
- $656,658
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $457,173 | $449,100 |
| Second mortgage | — | — |
| First P&I | $2,182.21 | $3,042.36 |
| Second P&I | — | — |
| Mortgage insurance | $361.98 | $89.82 |
| Taxes, insurance & HOA | $431.25 | $431.25 |
| Total housing payment | $2,975.44 | $3,563.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,827
Closing costs & prepaids$12,492
Usable credit−$0
Total buyer cash needed$54,319
Earnest money paid−$0
Remaining funds due$54,319
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$598.75
Initial HOA (3 months)$195.00
Prepaid interest, first (6 days)$232.97
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 3.1%
Interest already paid$72,705Through Dec 2026
Assumption only · ends Feb 2052$265,684
New conventional · ends Jan 2057$656,658