Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,929/mo
Lowest payment- Down payment
- $3,904
- Funds due
- $15,527
- Interest + MI left
- $316,890
- First ends
- Jun 2052
New loan
New conventional
$3,033/mo
+$103/mo- Down payment
- $41,600
- Funds due
- $51,246
- Interest + MI left
- $547,433
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $412,095 | $374,399 |
| Second mortgage | — | — |
| First P&I | $2,189.43 | $2,536.31 |
| Second P&I | — | — |
| Mortgage insurance | $318.27 | $74.88 |
| Taxes, insurance & HOA | $421.42 | $421.42 |
| Total housing payment | $2,929.12 | $3,032.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,904
Closing costs & prepaids$11,623
Usable credit−$0
Total buyer cash needed$15,527
Earnest money paid−$0
Remaining funds due$15,527
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,159.99
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)$499.25
Initial HOA (3 months)$315.00
Prepaid interest, first (9 days)$423.72
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 6 moOf the original 30-year loan at 4.17%
Interest already paid$80,997Through Dec 2026
Assumption only · ends Jun 2052$316,890
New conventional · ends Jan 2057$547,433