Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,177/mo
Lowest payment- Down payment
- $0
- Funds due
- $10,189
- Interest + MI left
- $171,522
- First ends
- Sep 2051
New loan
New conventional
$2,423/mo
+$247/mo- Down payment
- $31,200
- Funds due
- $39,309
- Interest + MI left
- $425,852
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $318,909 | $280,800 |
| Second mortgage | — | — |
| First P&I | $1,497.68 | $1,944.20 |
| Second P&I | — | — |
| Mortgage insurance | $255.86 | $56.16 |
| Taxes, insurance & HOA | $423.09 | $423.09 |
| Total housing payment | $2,176.62 | $2,423.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,189
Usable credit−$0
Total buyer cash needed$10,189
Earnest money paid−$0
Remaining funds due$10,189
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,120.00
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)$595.25
Initial HOA (3 months)$224.01
Prepaid interest, first (1 days)$25.08
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 closing24 yr 10 moOf the original 30-year loan at 2.870%
Interest already paid$50,553Through Nov 2026
Assumption only · ends Sep 2051$171,522
New conventional · ends Dec 2056$425,852