Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,142/mo
Lowest payment- Down payment
- $36,781
- Funds due
- $49,639
- Interest + MI left
- $256,495
- First ends
- Jul 2051
New loan
New conventional
$3,719/mo
+$577/mo- Down payment
- $51,400
- Funds due
- $62,315
- Interest + MI left
- $676,398
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $477,219 | $462,600 |
| Second mortgage | — | — |
| First P&I | $2,264.15 | $3,133.81 |
| Second P&I | — | — |
| Mortgage insurance | $385.31 | $92.52 |
| Taxes, insurance & HOA | $492.25 | $492.25 |
| Total housing payment | $3,141.70 | $3,718.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,781
Closing costs & prepaids$12,857
Usable credit−$0
Total buyer cash needed$49,639
Earnest money paid−$0
Remaining funds due$49,639
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,140.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$616.75
Initial HOA (3 months)$360.00
Prepaid interest, first (7 days)$265.41
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 closing24 yr 7 moOf the original 30-year loan at 2.9%
Interest already paid$80,423Through Dec 2026
Assumption only · ends Jul 2051$256,495
New conventional · ends Jan 2057$676,398