Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,519/mo
+$165/mo- Down payment
- $0
- Funds due
- $8,483
- Interest + MI left
- $91,468
- First ends
- Jul 2046
New loan
New conventional
$1,354/mo
Lowest payment- Down payment
- $16,500
- Funds due
- $23,089
- Interest + MI left
- $217,132
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $174,906 | $148,500 |
| Second mortgage | — | — |
| First P&I | $1,039.18 | $1,005.99 |
| Second P&I | — | — |
| Mortgage insurance | $161.70 | $29.70 |
| Taxes, insurance & HOA | $318.00 | $318.00 |
| Total housing payment | $1,518.89 | $1,353.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,483
Usable credit−$0
Total buyer cash needed$8,483
Earnest money paid−$0
Remaining funds due$8,483
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,650.00
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)$198.00
Initial HOA (3 months)$306.00
Prepaid interest, first (6 days)$103.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing19 yr 7 moOf the original 30-year loan at 3.61%
Interest already paid$76,516Through Dec 2026
Assumption only · ends Jul 2046$91,468
New conventional · ends Jan 2057$217,132