Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$951/mo
Lowest payment- Down payment
- $9,760
- Funds due
- $17,708
- Interest + MI left
- $73,109
- First ends
- Nov 2051
New loan
New conventional
$1,120/mo
+$168/mo- Down payment
- $14,527
- Funds due
- $20,665
- Interest + MI left
- $191,168
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $135,510 | $130,743 |
| Second mortgage | — | — |
| First P&I | $634.93 | $885.70 |
| Second P&I | — | — |
| Mortgage insurance | $108.47 | $26.15 |
| Taxes, insurance & HOA | $208.08 | $208.08 |
| Total housing payment | $951.48 | $1,119.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,760
Closing costs & prepaids$7,948
Usable credit−$0
Total buyer cash needed$17,708
Earnest money paid−$0
Remaining funds due$17,708
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,452.70
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)$174.25
Prepaid interest, first (9 days)$95.90
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 11 moOf the original 30-year loan at 2.87%
Interest already paid$21,108Through Dec 2026
Assumption only · ends Nov 2051$73,109
New conventional · ends Jan 2057$191,168