Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,177/mo
Lowest payment- Down payment
- $14,772
- Funds due
- $25,038
- Interest + MI left
- $193,798
- First ends
- Feb 2052
New loan
New conventional
$2,565/mo
+$388/mo- Down payment
- $35,000
- Funds due
- $43,152
- Interest + MI left
- $477,719
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $335,228 | $315,000 |
| Second mortgage | — | — |
| First P&I | $1,591.37 | $2,181.00 |
| Second P&I | — | — |
| Mortgage insurance | $264.99 | $63.00 |
| Taxes, insurance & HOA | $320.92 | $320.92 |
| Total housing payment | $2,177.28 | $2,564.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,772
Closing costs & prepaids$10,266
Usable credit−$0
Total buyer cash needed$25,038
Earnest money paid−$0
Remaining funds due$25,038
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$512.75
Prepaid interest, first (1 days)$28.20
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$51,837Through Nov 2026
Assumption only · ends Feb 2052$193,798
New conventional · ends Dec 2056$477,719