Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,940/mo
Lowest payment- Down payment
- $3,149
- Funds due
- $14,476
- Interest + MI left
- $318,540
- First ends
- Jun 2052
New loan
New conventional
$3,100/mo
+$159/mo- Down payment
- $41,600
- Funds due
- $50,769
- Interest + MI left
- $567,801
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $412,850 | $374,399 |
| Second mortgage | — | — |
| First P&I | $2,189.43 | $2,592.26 |
| Second P&I | — | — |
| Mortgage insurance | $318.27 | $74.88 |
| Taxes, insurance & HOA | $432.67 | $432.67 |
| Total housing payment | $2,940.37 | $3,099.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,149
Closing costs & prepaids$11,327
Usable credit−$0
Total buyer cash needed$14,476
Earnest money paid−$0
Remaining funds due$14,476
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)$533.00
Initial HOA (3 months)$315.00
Prepaid interest, first (2 days)$94.33
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7 moOf the original 30-year loan at 4.170%
Interest already paid$79,562Through Nov 2026
Assumption only · ends Jun 2052$318,540
New conventional · ends Dec 2056$567,801