Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,960/mo
Lowest payment- Down payment
- $0
- Funds due
- $10,016
- Interest + MI left
- $200,311
- First ends
- Jan 2055
New loan
New conventional
$2,374/mo
+$414/mo- Down payment
- $31,500
- Funds due
- $39,429
- Interest + MI left
- $429,947
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $321,419 | $283,500 |
| Second mortgage | — | — |
| First P&I | $1,452.90 | $1,962.90 |
| Second P&I | — | — |
| Mortgage insurance | $153.01 | $56.70 |
| Taxes, insurance & HOA | $354.00 | $354.00 |
| Total housing payment | $1,959.91 | $2,373.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,016
Usable credit−$0
Total buyer cash needed$10,016
Earnest money paid−$0
Remaining funds due$10,016
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$360.00
Initial HOA (3 months)$252.00
Prepaid interest, first (1 days)$28.62
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing28 yr 2 moOf the original 30-year loan at 3.250%
Interest already paid$19,542Through Nov 2026
Assumption only · ends Jan 2055$200,311
New conventional · ends Dec 2056$429,947