Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,179/mo
+$226/mo- Down payment
- $0
- Funds due
- $9,423
- Interest + MI left
- $203,318
- First ends
- Apr 2052
New loan
New conventional
$1,953/mo
Lowest payment- Down payment
- $24,590
- Funds due
- $31,997
- Interest + MI left
- $335,632
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $315,647 | $221,310 |
| Second mortgage | — | — |
| First P&I | $1,555.52 | $1,532.31 |
| Second P&I | — | — |
| Mortgage insurance | $246.90 | $44.26 |
| Taxes, insurance & HOA | $376.33 | $376.33 |
| Total housing payment | $2,178.76 | $1,952.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,423
Usable credit−$0
Total buyer cash needed$9,423
Earnest money paid−$0
Remaining funds due$9,423
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,459.00
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)$379.00
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$59.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 3.450%
Interest already paid$52,630Through Nov 2026
Assumption only · ends Apr 2052$203,318
New conventional · ends Dec 2056$335,632