Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,428/mo
Lowest payment- Down payment
- $22,054
- Funds due
- $31,070
- Interest + MI left
- $111,348
- First ends
- May 2051
New loan
New conventional
$1,726/mo
+$298/mo- Down payment
- $23,600
- Funds due
- $30,808
- Interest + MI left
- $310,564
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $213,946 | $212,400 |
| Second mortgage | — | — |
| First P&I | $1,009.93 | $1,438.87 |
| Second P&I | — | — |
| Mortgage insurance | $173.88 | $42.48 |
| Taxes, insurance & HOA | $244.42 | $244.42 |
| Total housing payment | $1,428.22 | $1,725.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,054
Closing costs & prepaids$9,016
Usable credit−$0
Total buyer cash needed$31,070
Earnest money paid−$0
Remaining funds due$31,070
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,360.00
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)$283.25
Prepaid interest, first (9 days)$148.24
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 5 moOf the original 30-year loan at 2.81%
Interest already paid$36,141Through Dec 2026
Assumption only · ends May 2051$111,348
New conventional · ends Jan 2057$310,564