Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,345/mo
+$751/mo- Down payment
- $0
- Funds due
- $8,869
- Interest + MI left
- $224,139
- First ends
- Jul 2051
New loan
New conventional
$1,594/mo
Lowest payment- Down payment
- $21,470
- Funds due
- $28,343
- Interest + MI left
- $282,534
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $363,893 | $193,230 |
| Second mortgage | — | — |
| First P&I | $1,841.08 | $1,309.01 |
| Second P&I | — | — |
| Mortgage insurance | $257.76 | $38.65 |
| Taxes, insurance & HOA | $245.92 | $245.92 |
| Total housing payment | $2,344.76 | $1,593.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,869
Usable credit−$0
Total buyer cash needed$8,869
Earnest money paid−$0
Remaining funds due$8,869
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,147.00
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)$257.75
Initial HOA (3 months)$30.00
Prepaid interest, first (6 days)$209.36
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 3.5%
Interest already paid$73,564Through Dec 2026
Assumption only · ends Jul 2051$224,139
New conventional · ends Jan 2057$282,534