Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,879/mo
Lowest payment- Down payment
- $34,259
- Funds due
- $46,304
- Interest + MI left
- $268,823
- First ends
- Jun 2052
New loan
New conventional
$3,096/mo
+$217/mo- Down payment
- $36,500
- Funds due
- $46,477
- Interest + MI left
- $474,729
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $330,741 | $328,500 |
| Second mortgage | — | — |
| First P&I | $1,803.83 | $2,209.84 |
| Second P&I | — | — |
| Mortgage insurance | $254.55 | $65.70 |
| Taxes, insurance & HOA | $820.25 | $820.25 |
| Total housing payment | $2,878.64 | $3,095.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,259
Closing costs & prepaids$12,046
Usable credit−$0
Total buyer cash needed$46,304
Earnest money paid−$0
Remaining funds due$46,304
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$930.75
Initial HOA (3 months)$1,080.00
Prepaid interest, first (4 days)$160.21
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 closing25 yr 6 moOf the original 30-year loan at 4.42%
Interest already paid$68,778Through Dec 2026
Assumption only · ends Jun 2052$268,823
New conventional · ends Jan 2057$474,729