Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,956/mo
Lowest payment- Down payment
- $40,232
- Funds due
- $51,121
- Interest + MI left
- $83,197
- First ends
- Jul 2051
New loan
New conventional
$2,810/mo
+$854/mo- Down payment
- $38,500
- Funds due
- $47,732
- Interest + MI left
- $506,640
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $344,768 | $346,500 |
| Second mortgage | — | — |
| First P&I | $1,318.72 | $2,347.31 |
| Second P&I | — | — |
| Mortgage insurance | $244.21 | $69.30 |
| Taxes, insurance & HOA | $393.00 | $393.00 |
| Total housing payment | $1,955.93 | $2,809.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,232
Closing costs & prepaids$10,889
Usable credit−$0
Total buyer cash needed$51,121
Earnest money paid−$0
Remaining funds due$51,121
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$462.00
Initial HOA (3 months)$267.00
Prepaid interest, first (9 days)$85.01
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 7 moOf the original 30-year loan at 1%
Interest already paid$20,485Through Dec 2026
Assumption only · ends Jul 2051$83,197
New conventional · ends Jan 2057$506,640