Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,402/mo
+$155/mo- Down payment
- $0
- Funds due
- $9,818
- Interest + MI left
- $151,095
- First ends
- Mar 2047
New loan
New conventional
$2,247/mo
Lowest payment- Down payment
- $29,800
- Funds due
- $37,573
- Interest + MI left
- $406,743
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $325,509 | $268,200 |
| Second mortgage | — | — |
| First P&I | $1,800.05 | $1,856.96 |
| Second P&I | — | — |
| Mortgage insurance | $265.95 | $53.64 |
| Taxes, insurance & HOA | $335.92 | $335.92 |
| Total housing payment | $2,401.91 | $2,246.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,818
Usable credit−$0
Total buyer cash needed$9,818
Earnest money paid−$0
Remaining funds due$9,818
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,980.00
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)$467.75
Initial HOA (3 months)$90.00
Prepaid interest, first (2 days)$55.29
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 closing20 yr 4 moOf the original 25-year loan at 3.100%
Interest already paid$50,855Through Nov 2026
Assumption only · ends Mar 2047$151,095
New conventional · ends Dec 2056$406,743