Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,469/mo
Lowest payment- Down payment
- $35,997
- Funds due
- $45,712
- Interest + MI left
- $129,066
- First ends
- Jul 2055
New loan
New conventional
$1,965/mo
+$496/mo- Down payment
- $24,000
- Funds due
- $31,894
- Interest + MI left
- $315,828
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $204,003 | $216,000 |
| Second mortgage | — | — |
| First P&I | $913.93 | $1,463.26 |
| Second P&I | — | — |
| Mortgage insurance | $96.25 | $43.20 |
| Taxes, insurance & HOA | $459.00 | $459.00 |
| Total housing payment | $1,469.18 | $1,965.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,997
Closing costs & prepaids$9,715
Usable credit−$0
Total buyer cash needed$45,712
Earnest money paid−$0
Remaining funds due$45,712
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$288.00
Initial HOA (3 months)$639.00
Prepaid interest, first (9 days)$163.48
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 7 moOf the original 30-year loan at 3.25%
Interest already paid$9,540Through Dec 2026
Assumption only · ends Jul 2055$129,066
New conventional · ends Jan 2057$315,828