Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,078/mo
Lowest payment- Down payment
- $19,816
- Funds due
- $30,180
- Interest + MI left
- $176,683
- First ends
- Dec 2051
New loan
New conventional
$2,423/mo
+$345/mo- Down payment
- $33,000
- Funds due
- $41,527
- Interest + MI left
- $434,262
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $310,183 | $296,999 |
| Second mortgage | — | — |
| First P&I | $1,479.00 | $2,011.97 |
| Second P&I | — | — |
| Mortgage insurance | $246.90 | $59.40 |
| Taxes, insurance & HOA | $352.00 | $352.00 |
| Total housing payment | $2,077.91 | $2,423.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,816
Closing costs & prepaids$10,364
Usable credit−$0
Total buyer cash needed$30,180
Earnest money paid−$0
Remaining funds due$30,180
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.99
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)$396.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$233.27
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 closing25 yrOf the original 30-year loan at 3.05%
Interest already paid$50,353Through Dec 2026
Assumption only · ends Dec 2051$176,683
New conventional · ends Jan 2057$434,262