Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,430/mo
Lowest payment- Down payment
- $16,141
- Funds due
- $27,051
- Interest + MI left
- $208,778
- First ends
- Nov 2051
New loan
New conventional
$2,834/mo
+$405/mo- Down payment
- $40,200
- Funds due
- $49,153
- Interest + MI left
- $529,011
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $385,859 | $361,800 |
| Second mortgage | — | — |
| First P&I | $1,809.92 | $2,450.96 |
| Second P&I | — | — |
| Mortgage insurance | $308.80 | $72.36 |
| Taxes, insurance & HOA | $310.83 | $310.83 |
| Total housing payment | $2,429.56 | $2,834.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,141
Closing costs & prepaids$10,910
Usable credit−$0
Total buyer cash needed$27,051
Earnest money paid−$0
Remaining funds due$27,051
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,020.00
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)$482.50
Prepaid interest, first (6 days)$182.68
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 2.88%
Interest already paid$60,306Through Dec 2026
Assumption only · ends Nov 2051$208,778
New conventional · ends Jan 2057$529,011