Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,327/mo
Lowest payment- Down payment
- $0
- Funds due
- $10,833
- Interest + MI left
- $160,341
- First ends
- May 2051
New loan
New conventional
$2,536/mo
+$210/mo- Down payment
- $30,500
- Funds due
- $39,410
- Interest + MI left
- $401,364
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $308,083 | $274,500 |
| Second mortgage | — | — |
| First P&I | $1,454.31 | $1,859.56 |
| Second P&I | — | — |
| Mortgage insurance | $250.38 | $54.90 |
| Taxes, insurance & HOA | $622.00 | $622.00 |
| Total housing payment | $2,326.69 | $2,536.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,833
Usable credit−$0
Total buyer cash needed$10,833
Earnest money paid−$0
Remaining funds due$10,833
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
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)$366.00
Initial HOA (3 months)$1,050.00
Prepaid interest, first (6 days)$142.31
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 5 moOf the original 30-year loan at 2.81%
Interest already paid$52,043Through Dec 2026
Assumption only · ends May 2051$160,341
New conventional · ends Jan 2057$401,364