Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,548/mo
Lowest payment- Down payment
- $27,836
- Funds due
- $37,036
- Interest + MI left
- $131,553
- First ends
- Jun 2051
New loan
New conventional
$1,853/mo
+$304/mo- Down payment
- $25,500
- Funds due
- $32,797
- Interest + MI left
- $335,567
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $227,164 | $229,500 |
| Second mortgage | — | — |
| First P&I | $1,113.32 | $1,554.71 |
| Second P&I | — | — |
| Mortgage insurance | $182.81 | $45.90 |
| Taxes, insurance & HOA | $252.00 | $252.00 |
| Total housing payment | $1,548.14 | $1,852.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,836
Closing costs & prepaids$9,200
Usable credit−$0
Total buyer cash needed$37,036
Earnest money paid−$0
Remaining funds due$37,036
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,550.00
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)$306.00
Prepaid interest, first (6 days)$118.75
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 6 moOf the original 30-year loan at 3.18%
Interest already paid$42,555Through Dec 2026
Assumption only · ends Jun 2051$131,553
New conventional · ends Jan 2057$335,567