Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,799/mo
Lowest payment- Down payment
- $0
- Funds due
- $11,176
- Interest + MI left
- $316,146
- First ends
- Apr 2056
New loan
New conventional
$3,003/mo
+$204/mo- Down payment
- $40,000
- Funds due
- $49,035
- Interest + MI left
- $545,964
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $485,098 | $360,000 |
| Second mortgage | — | — |
| First P&I | $2,135.95 | $2,492.57 |
| Second P&I | — | — |
| Mortgage insurance | $224.95 | $72.00 |
| Taxes, insurance & HOA | $438.17 | $438.17 |
| Total housing payment | $2,799.07 | $3,002.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,176
Usable credit−$0
Total buyer cash needed$11,176
Earnest money paid−$0
Remaining funds due$11,176
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$447.50
Initial HOA (3 months)$417.00
Prepaid interest, first (2 days)$86.39
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 closing29 yr 5 moOf the original 30-year loan at 3.250%
Interest already paid$9,258Through Nov 2026
Assumption only · ends Apr 2056$316,146
New conventional · ends Dec 2056$545,964