Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,617/mo
Lowest payment- Down payment
- $30,682
- Funds due
- $39,972
- Interest + MI left
- $153,178
- First ends
- May 2052
New loan
New conventional
$1,934/mo
+$317/mo- Down payment
- $25,000
- Funds due
- $32,263
- Interest + MI left
- $341,228
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $219,318 | $225,000 |
| Second mortgage | — | — |
| First P&I | $1,115.45 | $1,557.85 |
| Second P&I | — | — |
| Mortgage insurance | $170.40 | $45.00 |
| Taxes, insurance & HOA | $330.83 | $330.83 |
| Total housing payment | $1,616.68 | $1,933.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,682
Closing costs & prepaids$9,290
Usable credit−$0
Total buyer cash needed$39,972
Earnest money paid−$0
Remaining funds due$39,972
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$131.50
Initial HOA (3 months)$411.00
Prepaid interest, first (1 days)$22.59
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 6 moOf the original 30-year loan at 3.760%
Interest already paid$38,990Through Nov 2026
Assumption only · ends May 2052$153,178
New conventional · ends Dec 2056$341,228