Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,406/mo
Lowest payment- Down payment
- $19,563
- Funds due
- $28,912
- Interest + MI left
- $75,547
- First ends
- Nov 2051
New loan
New conventional
$1,640/mo
+$235/mo- Down payment
- $16,000
- Funds due
- $23,493
- Interest + MI left
- $210,550
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $140,436 | $143,999 |
| Second mortgage | — | — |
| First P&I | $657.29 | $975.50 |
| Second P&I | — | — |
| Mortgage insurance | $112.43 | $28.80 |
| Taxes, insurance & HOA | $636.00 | $636.00 |
| Total housing payment | $1,405.72 | $1,640.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,563
Closing costs & prepaids$9,349
Usable credit−$0
Total buyer cash needed$28,912
Earnest money paid−$0
Remaining funds due$28,912
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,599.99
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)$192.00
Initial HOA (3 months)$1,266.00
Prepaid interest, first (6 days)$66.02
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 2.86%
Interest already paid$21,801Through Dec 2026
Assumption only · ends Nov 2051$75,547
New conventional · ends Jan 2057$210,550