Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,069/mo
Lowest payment- Down payment
- $40,825
- Funds due
- $51,559
- Interest + MI left
- $153,863
- First ends
- Oct 2051
New loan
New conventional
$2,548/mo
+$479/mo- Down payment
- $32,690
- Funds due
- $41,615
- Interest + MI left
- $430,184
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $286,075 | $294,210 |
| Second mortgage | — | — |
| First P&I | $1,343.48 | $1,993.08 |
| Second P&I | — | — |
| Mortgage insurance | $229.52 | $58.84 |
| Taxes, insurance & HOA | $495.75 | $495.75 |
| Total housing payment | $2,068.74 | $2,547.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,825
Closing costs & prepaids$10,734
Usable credit−$0
Total buyer cash needed$51,559
Earnest money paid−$0
Remaining funds due$51,559
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,269.00
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)$392.25
Initial HOA (3 months)$645.00
Prepaid interest, first (9 days)$202.45
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$45,348Through Dec 2026
Assumption only · ends Oct 2051$153,863
New conventional · ends Jan 2057$430,184