Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,644/mo
Lowest payment- Down payment
- $2,289
- Funds due
- $13,506
- Interest + MI left
- $227,297
- First ends
- Oct 2051
New loan
New conventional
$2,987/mo
+$343/mo- Down payment
- $42,490
- Funds due
- $51,776
- Interest + MI left
- $559,147
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $422,611 | $382,410 |
| Second mortgage | — | — |
| First P&I | $1,984.68 | $2,590.58 |
| Second P&I | — | — |
| Mortgage insurance | $339.06 | $76.48 |
| Taxes, insurance & HOA | $320.00 | $320.00 |
| Total housing payment | $2,643.74 | $2,987.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,289
Closing costs & prepaids$11,217
Usable credit−$0
Total buyer cash needed$13,506
Earnest money paid−$0
Remaining funds due$13,506
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,249.00
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)$510.00
Prepaid interest, first (7 days)$232.61
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 10 moOf the original 30-year loan at 2.87%
Interest already paid$66,992Through Dec 2026
Assumption only · ends Oct 2051$227,297
New conventional · ends Jan 2057$559,147