Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,582/mo
Lowest payment- Down payment
- $17,515
- Funds due
- $26,718
- Interest + MI left
- $131,049
- First ends
- Jan 2052
New loan
New conventional
$1,890/mo
+$308/mo- Down payment
- $24,490
- Funds due
- $31,673
- Interest + MI left
- $334,267
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $227,385 | $220,410 |
| Second mortgage | — | — |
| First P&I | $1,081.80 | $1,526.07 |
| Second P&I | — | — |
| Mortgage insurance | $180.13 | $44.08 |
| Taxes, insurance & HOA | $319.83 | $319.83 |
| Total housing payment | $1,581.77 | $1,889.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,515
Closing costs & prepaids$9,203
Usable credit−$0
Total buyer cash needed$26,718
Earnest money paid−$0
Remaining funds due$26,718
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,449.00
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)$179.50
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$19.13
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 3.070%
Interest already paid$35,821Through Nov 2026
Assumption only · ends Jan 2052$131,049
New conventional · ends Dec 2056$334,267