Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,865/mo
Lowest payment- Down payment
- $29,176
- Funds due
- $39,265
- Interest + MI left
- $147,372
- First ends
- Nov 2051
New loan
New conventional
$2,271/mo
+$405/mo- Down payment
- $30,473
- Funds due
- $38,750
- Interest + MI left
- $401,009
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $275,554 | $274,257 |
| Second mortgage | — | — |
| First P&I | $1,286.84 | $1,857.91 |
| Second P&I | — | — |
| Mortgage insurance | $220.69 | $54.85 |
| Taxes, insurance & HOA | $357.92 | $357.92 |
| Total housing payment | $1,865.45 | $2,270.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,176
Closing costs & prepaids$10,089
Usable credit−$0
Total buyer cash needed$39,265
Earnest money paid−$0
Remaining funds due$39,265
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,047.30
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)$365.75
Initial HOA (3 months)$258.00
Prepaid interest, first (9 days)$192.96
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 11 moOf the original 30-year loan at 2.84%
Interest already paid$42,485Through Dec 2026
Assumption only · ends Nov 2051$147,372
New conventional · ends Jan 2057$401,009