Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,783/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,418
- Interest + MI left
- $153,361
- First ends
- Apr 2052
New loan
New conventional
$1,930/mo
+$147/mo- Down payment
- $23,500
- Funds due
- $30,904
- Interest + MI left
- $320,754
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $238,088 | $211,500 |
| Second mortgage | — | — |
| First P&I | $1,173.31 | $1,464.38 |
| Second P&I | — | — |
| Mortgage insurance | $186.24 | $42.30 |
| Taxes, insurance & HOA | $423.58 | $423.58 |
| Total housing payment | $1,783.13 | $1,930.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,418
Usable credit−$0
Total buyer cash needed$9,418
Earnest money paid−$0
Remaining funds due$9,418
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,350.00
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)$451.75
Initial HOA (3 months)$369.00
Prepaid interest, first (1 days)$22.50
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 5 moOf the original 30-year loan at 3.450%
Interest already paid$39,698Through Nov 2026
Assumption only · ends Apr 2052$153,361
New conventional · ends Dec 2056$320,754