Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,470/mo
Lowest payment- Down payment
- $17,271
- Funds due
- $26,324
- Interest + MI left
- $115,465
- First ends
- Feb 2052
New loan
New conventional
$1,755/mo
+$285/mo- Down payment
- $21,700
- Funds due
- $28,759
- Interest + MI left
- $296,186
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $199,729 | $195,300 |
| Second mortgage | — | — |
| First P&I | $948.14 | $1,352.22 |
| Second P&I | — | — |
| Mortgage insurance | $157.88 | $39.06 |
| Taxes, insurance & HOA | $363.67 | $363.67 |
| Total housing payment | $1,469.69 | $1,754.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,271
Closing costs & prepaids$9,053
Usable credit−$0
Total buyer cash needed$26,324
Earnest money paid−$0
Remaining funds due$26,324
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,170.00
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)$116.00
Initial HOA (3 months)$525.00
Prepaid interest, first (1 days)$16.80
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 3 moOf the original 30-year loan at 3.070%
Interest already paid$30,885Through Nov 2026
Assumption only · ends Feb 2052$115,465
New conventional · ends Dec 2056$296,186