Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,701/mo
Lowest payment- Down payment
- $0
- Funds due
- $11,133
- Interest + MI left
- $179,592
- First ends
- Nov 2051
New loan
New conventional
$2,767/mo
+$66/mo- Down payment
- $35,000
- Funds due
- $44,207
- Interest + MI left
- $460,582
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $413,815 | $315,000 |
| Second mortgage | — | — |
| First P&I | $1,794.97 | $2,133.92 |
| Second P&I | — | — |
| Mortgage insurance | $335.75 | $63.00 |
| Taxes, insurance & HOA | $570.00 | $570.00 |
| Total housing payment | $2,700.72 | $2,766.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,133
Usable credit−$0
Total buyer cash needed$11,133
Earnest money paid−$0
Remaining funds due$11,133
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Initial HOA (3 months)$840.00
Prepaid interest, first (6 days)$148.29
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 2.18%
Interest already paid$49,309Through Dec 2026
Assumption only · ends Nov 2051$179,592
New conventional · ends Jan 2057$460,582