Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,843/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,166
- Interest + MI left
- $206,033
- First ends
- Oct 2055
New loan
New conventional
$1,915/mo
+$72/mo- Down payment
- $25,800
- Funds due
- $32,926
- Interest + MI left
- $352,147
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $321,778 | $232,200 |
| Second mortgage | — | — |
| First P&I | $1,431.49 | $1,607.71 |
| Second P&I | — | — |
| Mortgage insurance | $150.76 | $46.44 |
| Taxes, insurance & HOA | $260.75 | $260.75 |
| Total housing payment | $1,843.00 | $1,914.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,166
Usable credit−$0
Total buyer cash needed$9,166
Earnest money paid−$0
Remaining funds due$9,166
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,580.00
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)$47.25
Initial HOA (3 months)$285.00
Prepaid interest, first (1 days)$28.65
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 closing28 yr 11 moOf the original 30-year loan at 3.250%
Interest already paid$11,465Through Nov 2026
Assumption only · ends Oct 2055$206,033
New conventional · ends Dec 2056$352,147