Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,112/mo
Lowest payment- Down payment
- $20,531
- Funds due
- $29,055
- Interest + MI left
- $73,668
- First ends
- Oct 2051
New loan
New conventional
$1,348/mo
+$235/mo- Down payment
- $15,750
- Funds due
- $22,470
- Interest + MI left
- $207,262
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $136,969 | $141,750 |
| Second mortgage | — | — |
| First P&I | $643.24 | $960.26 |
| Second P&I | — | — |
| Mortgage insurance | $109.89 | $28.35 |
| Taxes, insurance & HOA | $359.00 | $359.00 |
| Total housing payment | $1,112.13 | $1,347.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,531
Closing costs & prepaids$8,524
Usable credit−$0
Total buyer cash needed$29,055
Earnest money paid−$0
Remaining funds due$29,055
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,575.00
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)$189.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$96.93
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.87%
Interest already paid$21,712Through Dec 2026
Assumption only · ends Oct 2051$73,668
New conventional · ends Jan 2057$207,262