Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,181/mo
Lowest payment- Down payment
- $13,395
- Funds due
- $21,983
- Interest + MI left
- $80,195
- First ends
- Oct 2051
New loan
New conventional
$1,381/mo
+$200/mo- Down payment
- $16,250
- Funds due
- $23,029
- Interest + MI left
- $213,842
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $149,105 | $146,250 |
| Second mortgage | — | — |
| First P&I | $700.24 | $990.75 |
| Second P&I | — | — |
| Mortgage insurance | $119.63 | $29.25 |
| Taxes, insurance & HOA | $361.00 | $361.00 |
| Total housing payment | $1,180.86 | $1,381.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,395
Closing costs & prepaids$8,589
Usable credit−$0
Total buyer cash needed$21,983
Earnest money paid−$0
Remaining funds due$21,983
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,625.00
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)$195.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$105.52
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$23,636Through Dec 2026
Assumption only · ends Oct 2051$80,195
New conventional · ends Jan 2057$213,842