Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,395/mo
Lowest payment- Down payment
- $38,536
- Funds due
- $49,793
- Interest + MI left
- $192,865
- First ends
- May 2052
New loan
New conventional
$2,855/mo
+$460/mo- Down payment
- $33,700
- Funds due
- $42,854
- Interest + MI left
- $459,975
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $298,464 | $303,300 |
| Second mortgage | — | — |
| First P&I | $1,467.84 | $2,099.99 |
| Second P&I | — | — |
| Mortgage insurance | $232.99 | $60.66 |
| Taxes, insurance & HOA | $694.67 | $694.67 |
| Total housing payment | $2,395.50 | $2,855.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,536
Closing costs & prepaids$11,257
Usable credit−$0
Total buyer cash needed$49,793
Earnest money paid−$0
Remaining funds due$49,793
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,370.00
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)$1,356.00
Initial HOA (3 months)$278.01
Prepaid interest, first (1 days)$28.21
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 6 moOf the original 30-year loan at 3.450%
Interest already paid$48,806Through Nov 2026
Assumption only · ends May 2052$192,865
New conventional · ends Dec 2056$459,975