Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,233/mo
Lowest payment- Down payment
- $32,781
- Funds due
- $43,528
- Interest + MI left
- $198,383
- First ends
- Jun 2052
New loan
New conventional
$2,530/mo
+$297/mo- Down payment
- $28,990
- Funds due
- $37,695
- Interest + MI left
- $395,688
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $257,119 | $260,910 |
| Second mortgage | — | — |
| First P&I | $1,363.56 | $1,806.49 |
| Second P&I | — | — |
| Mortgage insurance | $198.22 | $52.18 |
| Taxes, insurance & HOA | $671.58 | $671.58 |
| Total housing payment | $2,233.36 | $2,530.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,781
Closing costs & prepaids$10,747
Usable credit−$0
Total buyer cash needed$43,528
Earnest money paid−$0
Remaining funds due$43,528
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,899.00
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)$724.75
Initial HOA (3 months)$840.00
Prepaid interest, first (2 days)$58.75
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 7 moOf the original 30-year loan at 4.170%
Interest already paid$49,550Through Nov 2026
Assumption only · ends Jun 2052$198,383
New conventional · ends Dec 2056$395,688