Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,791/mo
+$966/mo- Down payment
- $0
- Funds due
- $10,033
- Interest + MI left
- $167,275
- First ends
- Aug 2049
New loan
New conventional
$1,825/mo
Lowest payment- Down payment
- $15,990
- Funds due
- $24,065
- Interest + MI left
- $210,420
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $340,843 | $143,910 |
| Second mortgage | — | — |
| First P&I | $1,728.58 | $974.90 |
| Second P&I | — | — |
| Mortgage insurance | $241.43 | $28.78 |
| Taxes, insurance & HOA | $821.00 | $821.00 |
| Total housing payment | $2,791.01 | $1,824.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,033
Usable credit−$0
Total buyer cash needed$10,033
Earnest money paid−$0
Remaining funds due$10,033
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,599.00
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)$192.00
Initial HOA (3 months)$1,821.00
Prepaid interest, first (7 days)$196.10
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 closing22 yr 8 moOf the original 30-year loan at 3%
Interest already paid$82,957Through Dec 2026
Assumption only · ends Aug 2049$167,275
New conventional · ends Jan 2057$210,420