Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,964/mo
Lowest payment- Down payment
- $29,718
- Funds due
- $39,632
- Interest + MI left
- $184,472
- First ends
- Mar 2052
New loan
New conventional
$2,402/mo
+$437/mo- Down payment
- $33,500
- Funds due
- $41,313
- Interest + MI left
- $457,245
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $305,282 | $301,500 |
| Second mortgage | — | — |
| First P&I | $1,470.16 | $2,087.53 |
| Second P&I | — | — |
| Mortgage insurance | $240.19 | $60.30 |
| Taxes, insurance & HOA | $253.83 | $253.83 |
| Total housing payment | $1,964.18 | $2,401.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,718
Closing costs & prepaids$9,913
Usable credit−$0
Total buyer cash needed$39,632
Earnest money paid−$0
Remaining funds due$39,632
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$311.50
Prepaid interest, first (1 days)$26.93
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 4 moOf the original 30-year loan at 3.220%
Interest already paid$48,522Through Nov 2026
Assumption only · ends Mar 2052$184,472
New conventional · ends Dec 2056$457,245