Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,786/mo
Lowest payment- Down payment
- $33,958
- Funds due
- $43,501
- Interest + MI left
- $150,355
- First ends
- Dec 2049
New loan
New conventional
$2,026/mo
+$240/mo- Down payment
- $28,100
- Funds due
- $35,739
- Interest + MI left
- $369,782
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $247,042 | $252,900 |
| Second mortgage | — | — |
| First P&I | $1,318.79 | $1,713.23 |
| Second P&I | — | — |
| Mortgage insurance | $205.21 | $50.58 |
| Taxes, insurance & HOA | $262.42 | $262.42 |
| Total housing payment | $1,786.41 | $2,026.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,958
Closing costs & prepaids$9,543
Usable credit−$0
Total buyer cash needed$43,501
Earnest money paid−$0
Remaining funds due$43,501
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,810.00
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)$337.25
Prepaid interest, first (7 days)$171.03
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 closing23 yrOf the original 30-year loan at 3.61%
Interest already paid$68,109Through Dec 2026
Assumption only · ends Dec 2049$150,355
New conventional · ends Jan 2057$369,782