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
- $11,831
- Funds due
- $22,108
- Interest + MI left
- $209,782
- First ends
- Jul 2051
New loan
New conventional
$2,633/mo
+$362/mo- Down payment
- $37,481
- Funds due
- $45,656
- Interest + MI left
- $511,575
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,974 | $337,324 |
| Second mortgage | — | — |
| First P&I | $1,784.35 | $2,335.56 |
| Second P&I | — | — |
| Mortgage insurance | $257.11 | $67.46 |
| Taxes, insurance & HOA | $229.83 | $229.83 |
| Total housing payment | $2,271.29 | $2,632.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,831
Closing costs & prepaids$10,277
Usable credit−$0
Total buyer cash needed$22,108
Earnest money paid−$0
Remaining funds due$22,108
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,748.05
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$511,575