Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,306/mo
Lowest payment- Down payment
- $22,850
- Funds due
- $33,664
- Interest + MI left
- $188,078
- First ends
- Mar 2052
New loan
New conventional
$2,745/mo
+$439/mo- Down payment
- $34,900
- Funds due
- $43,602
- Interest + MI left
- $476,354
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $326,150 | $314,100 |
| Second mortgage | — | — |
| First P&I | $1,541.49 | $2,174.76 |
| Second P&I | — | — |
| Mortgage insurance | $257.34 | $62.82 |
| Taxes, insurance & HOA | $507.33 | $507.33 |
| Total housing payment | $2,306.16 | $2,744.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,850
Closing costs & prepaids$10,814
Usable credit−$0
Total buyer cash needed$33,664
Earnest money paid−$0
Remaining funds due$33,664
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$493.00
Initial HOA (3 months)$579.00
Prepaid interest, first (1 days)$27.25
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 3.050%
Interest already paid$49,176Through Nov 2026
Assumption only · ends Mar 2052$188,078
New conventional · ends Dec 2056$476,354