Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,539/mo
Lowest payment- Down payment
- $8,170
- Funds due
- $19,636
- Interest + MI left
- $185,513
- First ends
- Dec 2051
New loan
New conventional
$2,859/mo
+$319/mo- Down payment
- $34,800
- Funds due
- $44,361
- Interest + MI left
- $457,950
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $339,830 | $313,200 |
| Second mortgage | — | — |
| First P&I | $1,593.89 | $2,121.73 |
| Second P&I | — | — |
| Mortgage insurance | $271.25 | $62.64 |
| Taxes, insurance & HOA | $674.17 | $674.17 |
| Total housing payment | $2,539.31 | $2,858.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,170
Closing costs & prepaids$11,467
Usable credit−$0
Total buyer cash needed$19,636
Earnest money paid−$0
Remaining funds due$19,636
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,480.00
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)$417.50
Initial HOA (3 months)$1,155.00
Prepaid interest, first (7 days)$189.00
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2.9%
Interest already paid$52,528Through Dec 2026
Assumption only · ends Dec 2051$185,513
New conventional · ends Jan 2057$457,950