Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,438/mo
+$196/mo- Down payment
- $0
- Funds due
- $10,245
- Interest + MI left
- $186,852
- First ends
- Jan 2052
New loan
New conventional
$2,241/mo
Lowest payment- Down payment
- $25,000
- Funds due
- $33,231
- Interest + MI left
- $341,228
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $324,211 | $225,000 |
| Second mortgage | — | — |
| First P&I | $1,542.45 | $1,557.85 |
| Second P&I | — | — |
| Mortgage insurance | $256.84 | $45.00 |
| Taxes, insurance & HOA | $638.42 | $638.42 |
| Total housing payment | $2,437.71 | $2,241.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,245
Usable credit−$0
Total buyer cash needed$10,245
Earnest money paid−$0
Remaining funds due$10,245
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$1,390.25
Initial HOA (3 months)$75.00
Prepaid interest, first (2 days)$54.54
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 2 moOf the original 30-year loan at 3.070%
Interest already paid$51,075Through Nov 2026
Assumption only · ends Jan 2052$186,852
New conventional · ends Dec 2056$341,228