Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,930/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,657
- Interest + MI left
- $205,061
- First ends
- Oct 2055
New loan
New conventional
$1,968/mo
+$37/mo- Down payment
- $25,800
- Funds due
- $33,553
- Interest + MI left
- $339,515
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $321,218 | $232,200 |
| Second mortgage | — | — |
| First P&I | $1,431.49 | $1,573.00 |
| Second P&I | — | — |
| Mortgage insurance | $150.76 | $46.44 |
| Taxes, insurance & HOA | $348.17 | $348.17 |
| Total housing payment | $1,930.41 | $1,967.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,657
Usable credit−$0
Total buyer cash needed$9,657
Earnest money paid−$0
Remaining funds due$9,657
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,580.00
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)$309.50
Initial HOA (3 months)$285.00
Prepaid interest, first (9 days)$257.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing28 yr 10 moOf the original 30-year loan at 3.25%
Interest already paid$12,337Through Dec 2026
Assumption only · ends Oct 2055$205,061
New conventional · ends Jan 2057$339,515