Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,340/mo
Lowest payment- Down payment
- $40,762
- Funds due
- $51,826
- Interest + MI left
- $192,301
- First ends
- Mar 2052
New loan
New conventional
$2,859/mo
+$519/mo- Down payment
- $35,900
- Funds due
- $44,842
- Interest + MI left
- $490,003
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $318,238 | $323,100 |
| Second mortgage | — | — |
| First P&I | $1,532.55 | $2,237.08 |
| Second P&I | — | — |
| Mortgage insurance | $250.38 | $64.62 |
| Taxes, insurance & HOA | $556.92 | $556.92 |
| Total housing payment | $2,339.85 | $2,858.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,762
Closing costs & prepaids$11,064
Usable credit−$0
Total buyer cash needed$51,826
Earnest money paid−$0
Remaining funds due$51,826
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,590.00
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)$620.75
Initial HOA (3 months)$600.00
Prepaid interest, first (1 days)$28.07
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 4 moOf the original 30-year loan at 3.220%
Interest already paid$50,582Through Nov 2026
Assumption only · ends Mar 2052$192,301
New conventional · ends Dec 2056$490,003