Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,549/mo
Lowest payment- Down payment
- $34,633
- Funds due
- $44,050
- Interest + MI left
- $128,432
- First ends
- Dec 2051
New loan
New conventional
$1,952/mo
+$403/mo- Down payment
- $26,990
- Funds due
- $34,598
- Interest + MI left
- $355,175
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $235,267 | $242,910 |
| Second mortgage | — | — |
| First P&I | $1,103.46 | $1,645.56 |
| Second P&I | — | — |
| Mortgage insurance | $187.79 | $48.58 |
| Taxes, insurance & HOA | $258.00 | $258.00 |
| Total housing payment | $1,549.25 | $1,952.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,633
Closing costs & prepaids$9,416
Usable credit−$0
Total buyer cash needed$44,050
Earnest money paid−$0
Remaining funds due$44,050
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,699.00
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)$324.00
Prepaid interest, first (9 days)$168.23
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 closing25 yrOf the original 30-year loan at 2.9%
Interest already paid$36,365Through Dec 2026
Assumption only · ends Dec 2051$128,432
New conventional · ends Jan 2057$355,175