Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,787/mo
+$3,056/mo- Down payment
- $0
- Funds due
- $11,933
- Interest + MI left
- $441,308
- First ends
- Mar 2051
New loan
New conventional
$2,731/mo
Lowest payment- Down payment
- $27,500
- Funds due
- $37,257
- Interest + MI left
- $361,886
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $863,208 | $247,500 |
| Second mortgage | — | — |
| First P&I | $4,076.64 | $1,676.65 |
| Second P&I | — | — |
| Mortgage insurance | $705.50 | $49.50 |
| Taxes, insurance & HOA | $1,005.00 | $1,005.00 |
| Total housing payment | $5,787.14 | $2,731.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,933
Usable credit−$0
Total buyer cash needed$11,933
Earnest money paid−$0
Remaining funds due$11,933
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$330.00
Initial HOA (3 months)$2,235.00
Prepaid interest, first (6 days)$393.06
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 3 moOf the original 30-year loan at 2.77%
Interest already paid$148,496Through Dec 2026
Assumption only · ends Mar 2051$441,308
New conventional · ends Jan 2057$361,886