Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,119/mo
Lowest payment- Down payment
- $29,451
- Funds due
- $39,780
- Interest + MI left
- $188,203
- First ends
- Feb 2052
New loan
New conventional
$2,592/mo
+$473/mo- Down payment
- $35,500
- Funds due
- $43,749
- Interest + MI left
- $484,543
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $325,549 | $319,500 |
| Second mortgage | — | — |
| First P&I | $1,545.43 | $2,212.15 |
| Second P&I | — | — |
| Mortgage insurance | $257.34 | $63.90 |
| Taxes, insurance & HOA | $316.33 | $316.33 |
| Total housing payment | $2,119.10 | $2,592.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,451
Closing costs & prepaids$10,329
Usable credit−$0
Total buyer cash needed$39,780
Earnest money paid−$0
Remaining funds due$39,780
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$289.00
Initial HOA (3 months)$210.00
Prepaid interest, first (2 days)$54.76
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 3 moOf the original 30-year loan at 3.070%
Interest already paid$50,341Through Nov 2026
Assumption only · ends Feb 2052$188,203
New conventional · ends Dec 2056$484,543