Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,452/mo
Lowest payment- Down payment
- $0
- Funds due
- $10,784
- Interest + MI left
- $262,563
- First ends
- Nov 2054
New loan
New conventional
$2,885/mo
+$433/mo- Down payment
- $39,900
- Funds due
- $48,520
- Interest + MI left
- $544,599
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $423,864 | $359,100 |
| Second mortgage | — | — |
| First P&I | $1,922.95 | $2,486.34 |
| Second P&I | — | — |
| Mortgage insurance | $202.51 | $71.82 |
| Taxes, insurance & HOA | $327.00 | $327.00 |
| Total housing payment | $2,452.47 | $2,885.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,784
Usable credit−$0
Total buyer cash needed$10,784
Earnest money paid−$0
Remaining funds due$10,784
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$333.00
Initial HOA (3 months)$198.00
Prepaid interest, first (1 days)$37.74
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 yrOf the original 30-year loan at 3.250%
Interest already paid$28,166Through Nov 2026
Assumption only · ends Nov 2054$262,563
New conventional · ends Dec 2056$544,599