Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,040/mo
Lowest payment- Down payment
- $0
- Funds due
- $12,126
- Interest + MI left
- $209,782
- First ends
- Jul 2051
New loan
New conventional
$3,108/mo
+$68/mo- Down payment
- $32,900
- Funds due
- $42,953
- Interest + MI left
- $449,056
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,974 | $296,100 |
| Second mortgage | — | — |
| First P&I | $1,784.35 | $2,050.14 |
| Second P&I | — | — |
| Mortgage insurance | $257.11 | $59.22 |
| Taxes, insurance & HOA | $998.92 | $998.92 |
| Total housing payment | $3,040.37 | $3,108.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,126
Usable credit−$0
Total buyer cash needed$12,126
Earnest money paid−$0
Remaining funds due$12,126
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,290.00
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)$506.75
Initial HOA (3 months)$2,040.00
Prepaid interest, first (2 days)$64.64
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 closing24 yr 8 moOf the original 30-year loan at 3.250%
Interest already paid$67,172Through Nov 2026
Assumption only · ends Jul 2051$209,782
New conventional · ends Dec 2056$449,056