Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,797/mo
Lowest payment- Down payment
- $18,817
- Funds due
- $30,799
- Interest + MI left
- $208,537
- First ends
- Jul 2051
New loan
New conventional
$3,131/mo
+$334/mo- Down payment
- $38,099
- Funds due
- $48,038
- Interest + MI left
- $495,527
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,173 | $342,891 |
| Second mortgage | — | — |
| First P&I | $1,784.35 | $2,306.65 |
| Second P&I | — | — |
| Mortgage insurance | $256.54 | $68.58 |
| Taxes, insurance & HOA | $755.83 | $755.83 |
| Total housing payment | $2,796.72 | $3,131.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,817
Closing costs & prepaids$11,981
Usable credit−$0
Total buyer cash needed$30,799
Earnest money paid−$0
Remaining funds due$30,799
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,809.90
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)$971.50
Initial HOA (3 months)$846.00
Prepaid interest, first (4 days)$128.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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$495,527