Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,148/mo
Lowest payment- Down payment
- $32,031
- Funds due
- $42,968
- Interest + MI left
- $141,209
- First ends
- Aug 2051
New loan
New conventional
$2,531/mo
+$383/mo- Down payment
- $28,950
- Funds due
- $37,980
- Interest + MI left
- $380,967
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $257,469 | $260,550 |
| Second mortgage | — | — |
| First P&I | $1,226.70 | $1,765.06 |
| Second P&I | — | — |
| Mortgage insurance | $207.16 | $52.11 |
| Taxes, insurance & HOA | $713.83 | $713.83 |
| Total housing payment | $2,147.69 | $2,531.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,031
Closing costs & prepaids$10,937
Usable credit−$0
Total buyer cash needed$42,968
Earnest money paid−$0
Remaining funds due$42,968
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,895.00
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)$347.50
Initial HOA (3 months)$1,344.00
Prepaid interest, first (6 days)$125.28
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 8 moOf the original 30-year loan at 2.96%
Interest already paid$43,523Through Dec 2026
Assumption only · ends Aug 2051$141,209
New conventional · ends Jan 2057$380,967