Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,864/mo
Lowest payment- Down payment
- $31,712
- Funds due
- $43,374
- Interest + MI left
- $308,437
- First ends
- Dec 2051
New loan
New conventional
$3,073/mo
+$209/mo- Down payment
- $42,500
- Funds due
- $52,192
- Interest + MI left
- $559,278
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $393,288 | $382,500 |
| Second mortgage | — | — |
| First P&I | $2,152.67 | $2,591.19 |
| Second P&I | — | — |
| Mortgage insurance | $306.30 | $76.50 |
| Taxes, insurance & HOA | $405.00 | $405.00 |
| Total housing payment | $2,863.98 | $3,072.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,712
Closing costs & prepaids$11,662
Usable credit−$0
Total buyer cash needed$43,374
Earnest money paid−$0
Remaining funds due$43,374
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$421.84
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 yrOf the original 30-year loan at 4.35%
Interest already paid$90,021Through Dec 2026
Assumption only · ends Dec 2051$308,437
New conventional · ends Jan 2057$559,278