Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,854/mo
Lowest payment- Down payment
- $14,580
- Funds due
- $24,884
- Interest + MI left
- $106,930
- First ends
- Dec 2051
New loan
New conventional
$2,108/mo
+$255/mo- Down payment
- $21,390
- Funds due
- $29,814
- Interest + MI left
- $281,481
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $199,320 | $192,510 |
| Second mortgage | — | — |
| First P&I | $928.69 | $1,304.13 |
| Second P&I | — | — |
| Mortgage insurance | $159.27 | $38.50 |
| Taxes, insurance & HOA | $765.58 | $765.58 |
| Total housing payment | $1,853.55 | $2,108.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,580
Closing costs & prepaids$10,304
Usable credit−$0
Total buyer cash needed$24,884
Earnest money paid−$0
Remaining funds due$24,884
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,139.00
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)$256.75
Initial HOA (3 months)$1,590.00
Prepaid interest, first (6 days)$93.05
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 2.84%
Interest already paid$30,189Through Dec 2026
Assumption only · ends Dec 2051$106,930
New conventional · ends Jan 2057$281,481