Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,919/mo
Lowest payment- Down payment
- $26,830
- Funds due
- $37,307
- Interest + MI left
- $117,550
- First ends
- Oct 2051
New loan
New conventional
$2,269/mo
+$350/mo- Down payment
- $24,990
- Funds due
- $33,580
- Interest + MI left
- $328,856
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $223,070 | $224,910 |
| Second mortgage | — | — |
| First P&I | $1,039.56 | $1,523.62 |
| Second P&I | — | — |
| Mortgage insurance | $179.21 | $44.98 |
| Taxes, insurance & HOA | $700.00 | $700.00 |
| Total housing payment | $1,918.77 | $2,268.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,830
Closing costs & prepaids$10,477
Usable credit−$0
Total buyer cash needed$37,307
Earnest money paid−$0
Remaining funds due$37,307
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,499.00
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)$300.00
Initial HOA (3 months)$1,350.00
Prepaid interest, first (6 days)$102.67
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 10 moOf the original 30-year loan at 2.8%
Interest already paid$34,523Through Dec 2026
Assumption only · ends Oct 2051$117,550
New conventional · ends Jan 2057$328,856