Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,403/mo
Lowest payment- Down payment
- $12,632
- Funds due
- $23,531
- Interest + MI left
- $208,537
- First ends
- Jul 2051
New loan
New conventional
$2,715/mo
+$312/mo- Down payment
- $37,481
- Funds due
- $46,512
- Interest + MI left
- $493,223
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,173 | $337,324 |
| Second mortgage | — | — |
| First P&I | $1,784.35 | $2,285.15 |
| Second P&I | — | — |
| Mortgage insurance | $256.54 | $67.46 |
| Taxes, insurance & HOA | $361.92 | $361.92 |
| Total housing payment | $2,402.80 | $2,714.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,632
Closing costs & prepaids$10,899
Usable credit−$0
Total buyer cash needed$23,531
Earnest money paid−$0
Remaining funds due$23,531
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,748.05
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)$449.75
Initial HOA (3 months)$186.00
Prepaid interest, first (9 days)$290.23
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 closing24 yr 7 moOf the original 30-year loan at 3.25%
Interest already paid$68,155Through Dec 2026
Assumption only · ends Jul 2051$208,537
New conventional · ends Jan 2057$493,223