Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,561/mo
Lowest payment- Down payment
- $33,084
- Funds due
- $42,346
- Interest + MI left
- $133,700
- First ends
- Jan 2052
New loan
New conventional
$1,984/mo
+$423/mo- Down payment
- $26,900
- Funds due
- $34,123
- Interest + MI left
- $367,161
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $235,916 | $242,100 |
| Second mortgage | — | — |
| First P&I | $1,115.00 | $1,676.25 |
| Second P&I | — | — |
| Mortgage insurance | $187.09 | $48.42 |
| Taxes, insurance & HOA | $259.17 | $259.17 |
| Total housing payment | $1,561.25 | $1,983.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,084
Closing costs & prepaids$9,262
Usable credit−$0
Total buyer cash needed$42,346
Earnest money paid−$0
Remaining funds due$42,346
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,690.00
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)$252.50
Initial HOA (3 months)$75.00
Prepaid interest, first (1 days)$19.46
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 3.010%
Interest already paid$36,459Through Nov 2026
Assumption only · ends Jan 2052$133,700
New conventional · ends Dec 2056$367,161