Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,628/mo
Lowest payment- Down payment
- $29,312
- Funds due
- $39,097
- Interest + MI left
- $97,846
- First ends
- Apr 2051
New loan
New conventional
$1,952/mo
+$324/mo- Down payment
- $21,900
- Funds due
- $29,811
- Interest + MI left
- $288,193
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $189,688 | $197,100 |
| Second mortgage | — | — |
| First P&I | $895.62 | $1,335.22 |
| Second P&I | — | — |
| Mortgage insurance | $154.59 | $39.42 |
| Taxes, insurance & HOA | $577.58 | $577.58 |
| Total housing payment | $1,627.79 | $1,952.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,312
Closing costs & prepaids$9,785
Usable credit−$0
Total buyer cash needed$39,097
Earnest money paid−$0
Remaining funds due$39,097
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,190.00
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)$262.75
Initial HOA (3 months)$1,020.00
Prepaid interest, first (6 days)$87.00
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 4 moOf the original 30-year loan at 2.79%
Interest already paid$32,340Through Dec 2026
Assumption only · ends Apr 2051$97,846
New conventional · ends Jan 2057$288,193