Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,557/mo
Lowest payment- Down payment
- $7,837
- Funds due
- $17,482
- Interest + MI left
- $77,489
- First ends
- Jul 2051
New loan
New conventional
$1,694/mo
+$136/mo- Down payment
- $14,490
- Funds due
- $22,275
- Interest + MI left
- $190,681
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $137,063 | $130,410 |
| Second mortgage | — | — |
| First P&I | $663.08 | $883.44 |
| Second P&I | — | — |
| Mortgage insurance | $110.27 | $26.08 |
| Taxes, insurance & HOA | $784.00 | $784.00 |
| Total housing payment | $1,557.35 | $1,693.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,837
Closing costs & prepaids$9,645
Usable credit−$0
Total buyer cash needed$17,482
Earnest money paid−$0
Remaining funds due$17,482
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,449.00
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)$174.00
Initial HOA (3 months)$1,728.00
Prepaid interest, first (6 days)$69.40
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 7 moOf the original 30-year loan at 3.08%
Interest already paid$24,486Through Dec 2026
Assumption only · ends Jul 2051$77,489
New conventional · ends Jan 2057$190,681