Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,668/mo
Lowest payment- Down payment
- $44,550
- Funds due
- $56,193
- Interest + MI left
- $228,613
- First ends
- Feb 2052
New loan
New conventional
$3,299/mo
+$631/mo- Down payment
- $44,000
- Funds due
- $53,450
- Interest + MI left
- $600,561
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $395,450 | $396,000 |
| Second mortgage | — | — |
| First P&I | $1,877.26 | $2,741.82 |
| Second P&I | — | — |
| Mortgage insurance | $312.59 | $79.20 |
| Taxes, insurance & HOA | $478.17 | $478.17 |
| Total housing payment | $2,668.01 | $3,299.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,550
Closing costs & prepaids$11,643
Usable credit−$0
Total buyer cash needed$56,193
Earnest money paid−$0
Remaining funds due$56,193
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$720.50
Initial HOA (3 months)$264.00
Prepaid interest, first (1 days)$33.26
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 closing25 yr 3 moOf the original 30-year loan at 3.070%
Interest already paid$61,150Through Nov 2026
Assumption only · ends Feb 2052$228,613
New conventional · ends Dec 2056$600,561