Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,191/mo
Lowest payment- Down payment
- $0
- Funds due
- $18,328
- Interest + MI left
- $537,894
- First ends
- Jul 2051
New loan
New conventional
$6,380/mo
+$189/mo- Down payment
- $89,990
- Funds due
- $106,174
- Interest + MI left
- $1,184,222
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $975,548 | $809,910 |
| Second mortgage | — | — |
| First P&I | $4,673.82 | $5,486.61 |
| Second P&I | — | — |
| Mortgage insurance | $786.25 | $161.98 |
| Taxes, insurance & HOA | $731.42 | $731.42 |
| Total housing payment | $6,191.49 | $6,380.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$18,328
Usable credit−$0
Total buyer cash needed$18,328
Earnest money paid−$0
Remaining funds due$18,328
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,999.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,080.00
Initial HOA (3 months)$464.25
Prepaid interest, first (7 days)$559.40
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 7 moOf the original 30-year loan at 2.99%
Interest already paid$169,347Through Dec 2026
Assumption only · ends Jul 2051$537,894
New conventional · ends Jan 2057$1,184,222