Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,707/mo
Lowest payment- Down payment
- $15,591
- Funds due
- $24,952
- Interest + MI left
- $143,117
- First ends
- Jul 2051
New loan
New conventional
$1,995/mo
+$288/mo- Down payment
- $26,450
- Funds due
- $33,801
- Interest + MI left
- $361,019
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $248,909 | $238,050 |
| Second mortgage | — | — |
| First P&I | $1,207.93 | $1,648.21 |
| Second P&I | — | — |
| Mortgage insurance | $199.61 | $47.61 |
| Taxes, insurance & HOA | $299.50 | $299.50 |
| Total housing payment | $1,707.04 | $1,995.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,591
Closing costs & prepaids$9,361
Usable credit−$0
Total buyer cash needed$24,952
Earnest money paid−$0
Remaining funds due$24,952
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)$189.50
Initial HOA (3 months)$258.99
Prepaid interest, first (2 days)$42.69
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 30-year loan at 3.130%
Interest already paid$44,416Through Nov 2026
Assumption only · ends Jul 2051$143,117
New conventional · ends Dec 2056$361,019