Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,812/mo
Lowest payment- Down payment
- $38,282
- Funds due
- $47,916
- Interest + MI left
- $176,276
- First ends
- Mar 2052
New loan
New conventional
$2,294/mo
+$481/mo- Down payment
- $33,000
- Funds due
- $40,538
- Interest + MI left
- $450,420
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $291,718 | $297,000 |
| Second mortgage | — | — |
| First P&I | $1,404.83 | $2,056.37 |
| Second P&I | — | — |
| Mortgage insurance | $229.52 | $59.40 |
| Taxes, insurance & HOA | $177.75 | $177.75 |
| Total housing payment | $1,812.10 | $2,293.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,282
Closing costs & prepaids$9,634
Usable credit−$0
Total buyer cash needed$47,916
Earnest money paid−$0
Remaining funds due$47,916
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$83.25
Prepaid interest, first (1 days)$25.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4 moOf the original 30-year loan at 3.220%
Interest already paid$46,367Through Nov 2026
Assumption only · ends Mar 2052$176,276
New conventional · ends Dec 2056$450,420