Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,142/mo
Lowest payment- Down payment
- $27,418
- Funds due
- $36,128
- Interest + MI left
- $68,450
- First ends
- May 2051
New loan
New conventional
$1,395/mo
+$253/mo- Down payment
- $15,200
- Funds due
- $22,108
- Interest + MI left
- $200,017
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $124,577 | $136,795 |
| Second mortgage | — | — |
| First P&I | $600.25 | $926.70 |
| Second P&I | — | — |
| Mortgage insurance | $100.85 | $27.36 |
| Taxes, insurance & HOA | $440.83 | $440.83 |
| Total housing payment | $1,141.93 | $1,394.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,418
Closing costs & prepaids$8,710
Usable credit−$0
Total buyer cash needed$36,128
Earnest money paid−$0
Remaining funds due$36,128
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,519.95
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)$182.50
Initial HOA (3 months)$690.00
Prepaid interest, first (9 days)$92.15
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 3%
Interest already paid$22,421Through Dec 2026
Assumption only · ends May 2051$68,450
New conventional · ends Jan 2057$200,017