Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,562/mo
+$214/mo- Down payment
- $0
- Funds due
- $10,218
- Interest + MI left
- $209,782
- First ends
- Jul 2051
New loan
New conventional
$2,347/mo
Lowest payment- Down payment
- $28,500
- Funds due
- $36,652
- Interest + MI left
- $389,000
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,974 | $256,500 |
| Second mortgage | — | — |
| First P&I | $1,784.35 | $1,775.95 |
| Second P&I | — | — |
| Mortgage insurance | $257.11 | $51.30 |
| Taxes, insurance & HOA | $520.08 | $520.08 |
| Total housing payment | $2,561.54 | $2,347.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,218
Usable credit−$0
Total buyer cash needed$10,218
Earnest money paid−$0
Remaining funds due$10,218
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$348.25
Initial HOA (3 months)$762.00
Prepaid interest, first (1 days)$32.32
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 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$389,000