Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,214/mo
Lowest payment- Down payment
- $30,493
- Funds due
- $39,131
- Interest + MI left
- $95,947
- First ends
- Sep 2051
New loan
New conventional
$1,538/mo
+$325/mo- Down payment
- $20,790
- Funds due
- $27,556
- Interest + MI left
- $273,586
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $177,407 | $187,110 |
| Second mortgage | — | — |
| First P&I | $837.81 | $1,267.55 |
| Second P&I | — | — |
| Mortgage insurance | $142.58 | $37.42 |
| Taxes, insurance & HOA | $233.17 | $233.17 |
| Total housing payment | $1,213.56 | $1,538.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,493
Closing costs & prepaids$8,638
Usable credit−$0
Total buyer cash needed$39,131
Earnest money paid−$0
Remaining funds due$39,131
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,079.00
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)$249.50
Prepaid interest, first (6 days)$84.57
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 9 moOf the original 30-year loan at 2.9%
Interest already paid$28,903Through Dec 2026
Assumption only · ends Sep 2051$95,947
New conventional · ends Jan 2057$273,586