Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,091/mo
Lowest payment- Down payment
- $19,862
- Funds due
- $30,057
- Interest + MI left
- $185,645
- First ends
- Mar 2052
New loan
New conventional
$2,502/mo
+$411/mo- Down payment
- $34,000
- Funds due
- $42,125
- Interest + MI left
- $464,068
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $320,137 | $305,999 |
| Second mortgage | — | — |
| First P&I | $1,516.43 | $2,118.68 |
| Second P&I | — | — |
| Mortgage insurance | $252.51 | $61.20 |
| Taxes, insurance & HOA | $322.00 | $322.00 |
| Total housing payment | $2,090.93 | $2,501.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,862
Closing costs & prepaids$10,195
Usable credit−$0
Total buyer cash needed$30,057
Earnest money paid−$0
Remaining funds due$30,057
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.99
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)$330.00
Initial HOA (3 months)$186.00
Prepaid interest, first (2 days)$53.85
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 closing25 yr 4 moOf the original 30-year loan at 3.070%
Interest already paid$48,577Through Nov 2026
Assumption only · ends Mar 2052$185,645
New conventional · ends Dec 2056$464,068