Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,126/mo
+$221/mo- Down payment
- $0
- Funds due
- $9,534
- Interest + MI left
- $202,254
- First ends
- Apr 2052
New loan
New conventional
$1,906/mo
Lowest payment- Down payment
- $25,200
- Funds due
- $32,816
- Interest + MI left
- $331,619
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $314,999 | $226,800 |
| Second mortgage | — | — |
| First P&I | $1,555.52 | $1,536.42 |
| Second P&I | — | — |
| Mortgage insurance | $246.90 | $45.36 |
| Taxes, insurance & HOA | $323.83 | $323.83 |
| Total housing payment | $2,126.26 | $1,905.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,534
Usable credit−$0
Total buyer cash needed$9,534
Earnest money paid−$0
Remaining funds due$9,534
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,520.00
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)$302.50
Initial HOA (3 months)$219.00
Prepaid interest, first (9 days)$267.96
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 closing25 yr 4 moOf the original 30-year loan at 3.45%
Interest already paid$53,538Through Dec 2026
Assumption only · ends Apr 2052$202,254
New conventional · ends Jan 2057$331,619