Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,931/mo
Lowest payment- Down payment
- $24,332
- Funds due
- $34,203
- Interest + MI left
- $167,368
- First ends
- Dec 2051
New loan
New conventional
$2,373/mo
+$442/mo- Down payment
- $33,000
- Funds due
- $40,777
- Interest + MI left
- $450,419
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $305,667 | $296,999 |
| Second mortgage | — | — |
| First P&I | $1,430.42 | $2,056.36 |
| Second P&I | — | — |
| Mortgage insurance | $243.43 | $59.40 |
| Taxes, insurance & HOA | $257.25 | $257.25 |
| Total housing payment | $1,931.09 | $2,373.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,332
Closing costs & prepaids$9,871
Usable credit−$0
Total buyer cash needed$34,203
Earnest money paid−$0
Remaining funds due$34,203
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.99
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)$210.75
Initial HOA (3 months)$111.00
Prepaid interest, first (1 days)$24.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing25 yr 1 moOf the original 30-year loan at 2.900%
Interest already paid$46,402Through Nov 2026
Assumption only · ends Dec 2051$167,368
New conventional · ends Dec 2056$450,419