Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,640/mo
Lowest payment- Down payment
- $40,776
- Funds due
- $52,735
- Interest + MI left
- $188,113
- First ends
- Jan 2052
New loan
New conventional
$3,188/mo
+$548/mo- Down payment
- $36,900
- Funds due
- $46,730
- Interest + MI left
- $503,652
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $328,224 | $332,100 |
| Second mortgage | — | — |
| First P&I | $1,558.11 | $2,299.39 |
| Second P&I | — | — |
| Mortgage insurance | $260.11 | $66.42 |
| Taxes, insurance & HOA | $822.17 | $822.17 |
| Total housing payment | $2,640.39 | $3,187.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,776
Closing costs & prepaids$11,959
Usable credit−$0
Total buyer cash needed$52,735
Earnest money paid−$0
Remaining funds due$52,735
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,690.00
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)$876.50
Initial HOA (3 months)$1,140.00
Prepaid interest, first (1 days)$27.43
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 2 moOf the original 30-year loan at 3.050%
Interest already paid$51,380Through Nov 2026
Assumption only · ends Jan 2052$188,113
New conventional · ends Dec 2056$503,652