Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,402/mo
Lowest payment- Down payment
- $20,997
- Funds due
- $32,381
- Interest + MI left
- $166,090
- First ends
- Apr 2052
New loan
New conventional
$2,762/mo
+$360/mo- Down payment
- $29,500
- Funds due
- $38,849
- Interest + MI left
- $402,649
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $274,003 | $265,500 |
| Second mortgage | — | — |
| First P&I | $1,316.73 | $1,838.27 |
| Second P&I | — | — |
| Mortgage insurance | $215.12 | $53.10 |
| Taxes, insurance & HOA | $870.50 | $870.50 |
| Total housing payment | $2,402.35 | $2,761.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,997
Closing costs & prepaids$11,385
Usable credit−$0
Total buyer cash needed$32,381
Earnest money paid−$0
Remaining funds due$32,381
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$2,161.50
Prepaid interest, first (2 days)$48.34
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 5 moOf the original 30-year loan at 3.220%
Interest already paid$42,723Through Nov 2026
Assumption only · ends Apr 2052$166,090
New conventional · ends Dec 2056$402,649