Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,996/mo
Lowest payment- Down payment
- $34,832
- Funds due
- $45,192
- Interest + MI left
- $160,332
- First ends
- Jul 2051
New loan
New conventional
$2,399/mo
+$402/mo- Down payment
- $32,000
- Funds due
- $40,535
- Interest + MI left
- $421,104
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $285,168 | $288,000 |
| Second mortgage | — | — |
| First P&I | $1,376.60 | $1,951.01 |
| Second P&I | — | — |
| Mortgage insurance | $229.52 | $57.60 |
| Taxes, insurance & HOA | $390.00 | $390.00 |
| Total housing payment | $1,996.11 | $2,398.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,832
Closing costs & prepaids$10,360
Usable credit−$0
Total buyer cash needed$45,192
Earnest money paid−$0
Remaining funds due$45,192
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$384.00
Initial HOA (3 months)$336.00
Prepaid interest, first (9 days)$215.17
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 7 moOf the original 30-year loan at 3.06%
Interest already paid$50,625Through Dec 2026
Assumption only · ends Jul 2051$160,332
New conventional · ends Jan 2057$421,104