Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,085/mo
Lowest payment- Down payment
- $43,862
- Funds due
- $56,203
- Interest + MI left
- $301,973
- First ends
- Jan 2052
New loan
New conventional
$3,554/mo
+$469/mo- Down payment
- $47,000
- Funds due
- $57,111
- Interest + MI left
- $641,508
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $426,138 | $423,000 |
| Second mortgage | — | — |
| First P&I | $2,211.29 | $2,928.77 |
| Second P&I | — | — |
| Mortgage insurance | $333.09 | $84.60 |
| Taxes, insurance & HOA | $540.17 | $540.17 |
| Total housing payment | $3,084.55 | $3,553.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,862
Closing costs & prepaids$12,341
Usable credit−$0
Total buyer cash needed$56,203
Earnest money paid−$0
Remaining funds due$56,203
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$835.50
Initial HOA (3 months)$285.00
Prepaid interest, first (1 days)$45.24
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 3.875%
Interest already paid$84,143Through Nov 2026
Assumption only · ends Jan 2052$301,973
New conventional · ends Dec 2056$641,508