Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,606/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,417
- Interest + MI left
- $90,602
- First ends
- Mar 2051
New loan
New conventional
$1,702/mo
+$96/mo- Down payment
- $17,500
- Funds due
- $25,048
- Interest + MI left
- $230,291
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $182,562 | $157,500 |
| Second mortgage | — | — |
| First P&I | $852.90 | $1,066.96 |
| Second P&I | — | — |
| Mortgage insurance | $149.53 | $31.50 |
| Taxes, insurance & HOA | $604.00 | $604.00 |
| Total housing payment | $1,606.43 | $1,702.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,417
Usable credit−$0
Total buyer cash needed$9,417
Earnest money paid−$0
Remaining funds due$9,417
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,750.00
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)$210.00
Initial HOA (3 months)$1,152.00
Prepaid interest, first (6 days)$80.13
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 3 moOf the original 30-year loan at 2.67%
Interest already paid$30,307Through Dec 2026
Assumption only · ends Mar 2051$90,602
New conventional · ends Jan 2057$230,291