Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,216/mo
Lowest payment- Down payment
- $33,937
- Funds due
- $44,999
- Interest + MI left
- $155,069
- First ends
- Dec 2051
New loan
New conventional
$2,653/mo
+$437/mo- Down payment
- $31,800
- Funds due
- $40,946
- Interest + MI left
- $418,472
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $284,063 | $286,200 |
| Second mortgage | — | — |
| First P&I | $1,332.33 | $1,938.82 |
| Second P&I | — | — |
| Mortgage insurance | $226.73 | $57.24 |
| Taxes, insurance & HOA | $657.17 | $657.17 |
| Total housing payment | $2,216.23 | $2,653.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,937
Closing costs & prepaids$11,062
Usable credit−$0
Total buyer cash needed$44,999
Earnest money paid−$0
Remaining funds due$44,999
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,180.00
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)$381.50
Initial HOA (3 months)$1,140.00
Prepaid interest, first (6 days)$135.42
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 closing25 yrOf the original 30-year loan at 2.9%
Interest already paid$43,908Through Dec 2026
Assumption only · ends Dec 2051$155,069
New conventional · ends Jan 2057$418,472