Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,236/mo
Lowest payment- Down payment
- $34,350
- Funds due
- $45,239
- Interest + MI left
- $174,165
- First ends
- Nov 2051
New loan
New conventional
$2,714/mo
+$478/mo- Down payment
- $36,000
- Funds due
- $44,959
- Interest + MI left
- $473,742
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $325,650 | $324,000 |
| Second mortgage | — | — |
| First P&I | $1,520.79 | $2,194.89 |
| Second P&I | — | — |
| Mortgage insurance | $260.81 | $64.80 |
| Taxes, insurance & HOA | $454.00 | $454.00 |
| Total housing payment | $2,235.61 | $2,713.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,350
Closing costs & prepaids$10,889
Usable credit−$0
Total buyer cash needed$45,239
Earnest money paid−$0
Remaining funds due$45,239
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$432.00
Initial HOA (3 months)$480.00
Prepaid interest, first (6 days)$152.03
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 11 moOf the original 30-year loan at 2.84%
Interest already paid$50,209Through Dec 2026
Assumption only · ends Nov 2051$174,165
New conventional · ends Jan 2057$473,742