Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,265/mo
Lowest payment- Down payment
- $32,644
- Funds due
- $41,263
- Interest + MI left
- $105,674
- First ends
- Mar 2050
New loan
New conventional
$1,485/mo
+$221/mo- Down payment
- $20,000
- Funds due
- $26,784
- Interest + MI left
- $263,190
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $167,356 | $180,000 |
| Second mortgage | — | — |
| First P&I | $897.05 | $1,219.38 |
| Second P&I | — | — |
| Mortgage insurance | $137.71 | $36.00 |
| Taxes, insurance & HOA | $230.00 | $230.00 |
| Total housing payment | $1,264.76 | $1,485.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,644
Closing costs & prepaids$8,619
Usable credit−$0
Total buyer cash needed$41,263
Earnest money paid−$0
Remaining funds due$41,263
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,000.00
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)$240.00
Prepaid interest, first (9 days)$153.51
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 closing23 yr 3 moOf the original 30-year loan at 3.72%
Interest already paid$45,604Through Dec 2026
Assumption only · ends Mar 2050$105,674
New conventional · ends Jan 2057$263,190