Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,037/mo
Lowest payment- Down payment
- $20,665
- Funds due
- $31,260
- Interest + MI left
- $134,687
- First ends
- Nov 2051
New loan
New conventional
$2,369/mo
+$333/mo- Down payment
- $27,250
- Funds due
- $35,944
- Interest + MI left
- $358,596
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $251,835 | $245,250 |
| Second mortgage | — | — |
| First P&I | $1,176.07 | $1,661.41 |
| Second P&I | — | — |
| Mortgage insurance | $201.70 | $49.05 |
| Taxes, insurance & HOA | $659.00 | $659.00 |
| Total housing payment | $2,036.77 | $2,369.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,665
Closing costs & prepaids$10,595
Usable credit−$0
Total buyer cash needed$31,260
Earnest money paid−$0
Remaining funds due$31,260
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,725.00
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)$327.00
Initial HOA (3 months)$1,200.00
Prepaid interest, first (6 days)$117.57
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 closing24 yr 11 moOf the original 30-year loan at 2.84%
Interest already paid$38,828Through Dec 2026
Assumption only · ends Nov 2051$134,687
New conventional · ends Jan 2057$358,596