Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,084/mo
Lowest payment- Down payment
- $0
- Funds due
- $10,392
- Interest + MI left
- $129,564
- First ends
- Oct 2051
New loan
New conventional
$2,172/mo
+$88/mo- Down payment
- $22,800
- Funds due
- $31,293
- Interest + MI left
- $300,036
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $245,867 | $205,200 |
| Second mortgage | — | — |
| First P&I | $1,145.80 | $1,390.10 |
| Second P&I | — | — |
| Mortgage insurance | $197.52 | $41.04 |
| Taxes, insurance & HOA | $741.17 | $741.17 |
| Total housing payment | $2,084.49 | $2,172.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,392
Usable credit−$0
Total buyer cash needed$10,392
Earnest money paid−$0
Remaining funds due$10,392
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,280.00
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)$273.50
Initial HOA (3 months)$1,500.00
Prepaid interest, first (6 days)$113.17
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$38,051Through Dec 2026
Assumption only · ends Oct 2051$129,564
New conventional · ends Jan 2057$300,036