Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,750/mo
Lowest payment- Down payment
- $16,150
- Funds due
- $25,788
- Interest + MI left
- $142,341
- First ends
- Jul 2051
New loan
New conventional
$2,002/mo
+$253/mo- Down payment
- $26,450
- Funds due
- $34,253
- Interest + MI left
- $348,068
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $248,350 | $238,050 |
| Second mortgage | — | — |
| First P&I | $1,207.93 | $1,612.63 |
| Second P&I | — | — |
| Mortgage insurance | $199.61 | $47.61 |
| Taxes, insurance & HOA | $342.16 | $342.16 |
| Total housing payment | $1,749.71 | $2,002.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,150
Closing costs & prepaids$9,638
Usable credit−$0
Total buyer cash needed$25,788
Earnest money paid−$0
Remaining funds due$25,788
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,645.00
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)$317.50
Initial HOA (3 months)$258.99
Prepaid interest, first (9 days)$191.67
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 7 moOf the original 30-year loan at 3.13%
Interest already paid$45,065Through Dec 2026
Assumption only · ends Jul 2051$142,341
New conventional · ends Jan 2057$348,068