Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,271/mo
Lowest payment- Down payment
- $33,016
- Funds due
- $43,505
- Interest + MI left
- $209,782
- First ends
- Jul 2051
New loan
New conventional
$2,769/mo
+$497/mo- Down payment
- $39,599
- Funds due
- $47,972
- Interest + MI left
- $540,491
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,974 | $356,391 |
| Second mortgage | — | — |
| First P&I | $1,784.35 | $2,467.58 |
| Second P&I | — | — |
| Mortgage insurance | $257.11 | $71.28 |
| Taxes, insurance & HOA | $229.83 | $229.83 |
| Total housing payment | $2,271.29 | $2,768.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,016
Closing costs & prepaids$10,489
Usable credit−$0
Total buyer cash needed$43,505
Earnest money paid−$0
Remaining funds due$43,505
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,959.90
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)$53.50
Initial HOA (3 months)$186.00
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$540,491