Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,029/mo
Lowest payment- Down payment
- $47,895
- Funds due
- $60,554
- Interest + MI left
- $253,818
- First ends
- Aug 2051
New loan
New conventional
$3,660/mo
+$631/mo- Down payment
- $51,200
- Funds due
- $61,866
- Interest + MI left
- $673,766
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $464,105 | $460,800 |
| Second mortgage | — | — |
| First P&I | $2,208.81 | $3,121.62 |
| Second P&I | — | — |
| Mortgage insurance | $373.49 | $92.16 |
| Taxes, insurance & HOA | $446.50 | $446.50 |
| Total housing payment | $3,028.80 | $3,660.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,895
Closing costs & prepaids$12,660
Usable credit−$0
Total buyer cash needed$60,554
Earnest money paid−$0
Remaining funds due$60,554
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,120.00
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)$614.50
Initial HOA (3 months)$225.00
Prepaid interest, first (6 days)$225.06
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 8 moOf the original 30-year loan at 2.95%
Interest already paid$78,196Through Dec 2026
Assumption only · ends Aug 2051$253,818
New conventional · ends Jan 2057$673,766