Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,960/mo
Lowest payment- Down payment
- $13,975
- Funds due
- $24,064
- Interest + MI left
- $158,254
- First ends
- Sep 2051
New loan
New conventional
$2,251/mo
+$291/mo- Down payment
- $30,000
- Funds due
- $38,257
- Interest + MI left
- $394,783
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $286,024 | $269,999 |
| Second mortgage | — | — |
| First P&I | $1,362.60 | $1,829.07 |
| Second P&I | — | — |
| Mortgage insurance | $229.52 | $54.00 |
| Taxes, insurance & HOA | $368.00 | $368.00 |
| Total housing payment | $1,960.11 | $2,251.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,975
Closing costs & prepaids$10,089
Usable credit−$0
Total buyer cash needed$24,064
Earnest money paid−$0
Remaining funds due$24,064
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.99
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)$360.00
Initial HOA (3 months)$294.00
Prepaid interest, first (9 days)$210.17
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 9 moOf the original 30-year loan at 2.98%
Interest already paid$47,845Through Dec 2026
Assumption only · ends Sep 2051$158,254
New conventional · ends Jan 2057$394,783