Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,443/mo
+$551/mo- Down payment
- $12,149
- Funds due
- $21,843
- Interest + MI left
- $46,317
- First ends
- Mar 2038
New loan
New conventional
$1,892/mo
Lowest payment- Down payment
- $21,000
- Funds due
- $28,810
- Interest + MI left
- $276,349
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $197,851 | $189,000 |
| Second mortgage | — | — |
| First P&I | $1,728.58 | $1,280.35 |
| Second P&I | — | — |
| Mortgage insurance | $140.14 | $37.80 |
| Taxes, insurance & HOA | $574.00 | $574.00 |
| Total housing payment | $2,442.72 | $1,892.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,149
Closing costs & prepaids$9,695
Usable credit−$0
Total buyer cash needed$21,843
Earnest money paid−$0
Remaining funds due$21,843
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,100.00
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)$252.00
Initial HOA (3 months)$1,020.00
Prepaid interest, first (6 days)$97.57
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 closing11 yr 3 moOf the original 30-year loan at 3%
Interest already paid$176,781Through Dec 2026
Assumption only · ends Mar 2038$46,317
New conventional · ends Jan 2057$276,349