Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,422/mo
Lowest payment- Down payment
- $0
- Funds due
- $8,859
- Interest + MI left
- $99,891
- First ends
- Dec 2051
New loan
New conventional
$1,484/mo
+$62/mo- Down payment
- $16,990
- Funds due
- $24,019
- Interest + MI left
- $223,580
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $182,985 | $152,910 |
| Second mortgage | — | — |
| First P&I | $858.25 | $1,035.87 |
| Second P&I | — | — |
| Mortgage insurance | $146.06 | $30.58 |
| Taxes, insurance & HOA | $418.00 | $418.00 |
| Total housing payment | $1,422.31 | $1,484.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,859
Usable credit−$0
Total buyer cash needed$8,859
Earnest money paid−$0
Remaining funds due$8,859
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,699.00
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)$204.00
Initial HOA (3 months)$600.00
Prepaid interest, first (9 days)$130.85
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 closing25 yrOf the original 30-year loan at 2.9%
Interest already paid$28,284Through Dec 2026
Assumption only · ends Dec 2051$99,891
New conventional · ends Jan 2057$223,580