Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,775/mo
Lowest payment- Down payment
- $28,223
- Funds due
- $38,322
- Interest + MI left
- $109,939
- First ends
- May 2051
New loan
New conventional
$2,086/mo
+$311/mo- Down payment
- $23,000
- Funds due
- $31,215
- Interest + MI left
- $302,668
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $201,777 | $207,000 |
| Second mortgage | — | — |
| First P&I | $969.09 | $1,402.29 |
| Second P&I | — | — |
| Mortgage insurance | $163.44 | $41.40 |
| Taxes, insurance & HOA | $642.00 | $642.00 |
| Total housing payment | $1,774.54 | $2,085.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,223
Closing costs & prepaids$10,100
Usable credit−$0
Total buyer cash needed$38,322
Earnest money paid−$0
Remaining funds due$38,322
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,300.00
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)$276.00
Initial HOA (3 months)$1,200.00
Prepaid interest, first (6 days)$98.51
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 5 moOf the original 30-year loan at 2.97%
Interest already paid$35,963Through Dec 2026
Assumption only · ends May 2051$109,939
New conventional · ends Jan 2057$302,668