Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,349/mo
Lowest payment- Down payment
- $45,868
- Funds due
- $59,205
- Interest + MI left
- $280,380
- First ends
- Aug 2051
New loan
New conventional
$4,006/mo
+$657/mo- Down payment
- $56,000
- Funds due
- $67,381
- Interest + MI left
- $736,931
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $514,132 | $504,000 |
| Second mortgage | — | — |
| First P&I | $2,444.24 | $3,414.27 |
| Second P&I | — | — |
| Mortgage insurance | $413.82 | $100.80 |
| Taxes, insurance & HOA | $490.67 | $490.67 |
| Total housing payment | $3,348.73 | $4,005.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,868
Closing costs & prepaids$13,337
Usable credit−$0
Total buyer cash needed$59,205
Earnest money paid−$0
Remaining funds due$59,205
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,600.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$672.00
Initial HOA (3 months)$300.00
Prepaid interest, first (7 days)$289.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 8 moOf the original 30-year loan at 2.94%
Interest already paid$86,340Through Dec 2026
Assumption only · ends Aug 2051$280,380
New conventional · ends Jan 2057$736,931