Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,009/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,661
- Interest + MI left
- $177,093
- First ends
- Jan 2052
New loan
New conventional
$2,195/mo
+$186/mo- Down payment
- $29,500
- Funds due
- $37,094
- Interest + MI left
- $402,649
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $307,278 | $265,500 |
| Second mortgage | — | — |
| First P&I | $1,461.89 | $1,838.27 |
| Second P&I | — | — |
| Mortgage insurance | $243.43 | $53.10 |
| Taxes, insurance & HOA | $303.50 | $303.50 |
| Total housing payment | $2,008.82 | $2,194.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,661
Usable credit−$0
Total buyer cash needed$9,661
Earnest money paid−$0
Remaining funds due$9,661
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$323.50
Initial HOA (3 months)$137.01
Prepaid interest, first (1 days)$25.84
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 2 moOf the original 30-year loan at 3.070%
Interest already paid$48,407Through Nov 2026
Assumption only · ends Jan 2052$177,093
New conventional · ends Dec 2056$402,649