Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,229/mo
+$114/mo- Down payment
- $0
- Funds due
- $10,120
- Interest + MI left
- $157,392
- First ends
- Oct 2051
New loan
New conventional
$2,114/mo
Lowest payment- Down payment
- $24,175
- Funds due
- $32,373
- Interest + MI left
- $318,131
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $298,676 | $217,575 |
| Second mortgage | — | — |
| First P&I | $1,391.91 | $1,473.93 |
| Second P&I | — | — |
| Mortgage insurance | $239.95 | $43.51 |
| Taxes, insurance & HOA | $596.67 | $596.67 |
| Total housing payment | $2,228.52 | $2,114.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,120
Usable credit−$0
Total buyer cash needed$10,120
Earnest money paid−$0
Remaining funds due$10,120
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,417.50
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)$290.00
Initial HOA (3 months)$1,050.00
Prepaid interest, first (6 days)$137.47
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 10 moOf the original 30-year loan at 2.8%
Interest already paid$46,224Through Dec 2026
Assumption only · ends Oct 2051$157,392
New conventional · ends Jan 2057$318,131