Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,030/mo
Lowest payment- Down payment
- $20,153
- Funds due
- $30,493
- Interest + MI left
- $159,228
- First ends
- Oct 2051
New loan
New conventional
$2,409/mo
+$379/mo- Down payment
- $32,500
- Funds due
- $41,025
- Interest + MI left
- $427,683
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $304,847 | $292,500 |
| Second mortgage | — | — |
| First P&I | $1,415.98 | $1,981.50 |
| Second P&I | — | — |
| Mortgage insurance | $245.05 | $58.50 |
| Taxes, insurance & HOA | $369.00 | $369.00 |
| Total housing payment | $2,030.03 | $2,409.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,153
Closing costs & prepaids$10,340
Usable credit−$0
Total buyer cash needed$30,493
Earnest money paid−$0
Remaining funds due$30,493
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Initial HOA (3 months)$267.00
Prepaid interest, first (9 days)$208.21
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 2.77%
Interest already paid$46,687Through Dec 2026
Assumption only · ends Oct 2051$159,228
New conventional · ends Jan 2057$427,683