Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,580/mo
+$162/mo- Down payment
- $0
- Funds due
- $8,956
- Interest + MI left
- $100,508
- First ends
- Aug 2051
New loan
New conventional
$1,418/mo
Lowest payment- Down payment
- $13,680
- Funds due
- $20,783
- Interest + MI left
- $180,022
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $183,258 | $123,120 |
| Second mortgage | — | — |
| First P&I | $873.13 | $834.06 |
| Second P&I | — | — |
| Mortgage insurance | $147.45 | $24.62 |
| Taxes, insurance & HOA | $559.75 | $559.75 |
| Total housing payment | $1,580.32 | $1,418.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,956
Usable credit−$0
Total buyer cash needed$8,956
Earnest money paid−$0
Remaining funds due$8,956
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,368.00
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)$164.25
Initial HOA (3 months)$1,065.00
Prepaid interest, first (9 days)$133.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.96%
Interest already paid$30,978Through Dec 2026
Assumption only · ends Aug 2051$100,508
New conventional · ends Jan 2057$180,022