Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,280/mo
Lowest payment- Down payment
- $32,267
- Funds due
- $40,794
- Interest + MI left
- $106,281
- First ends
- Mar 2050
New loan
New conventional
$1,527/mo
+$248/mo- Down payment
- $20,000
- Funds due
- $26,546
- Interest + MI left
- $272,982
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $167,733 | $180,000 |
| Second mortgage | — | — |
| First P&I | $897.05 | $1,246.28 |
| Second P&I | — | — |
| Mortgage insurance | $137.71 | $36.00 |
| Taxes, insurance & HOA | $244.92 | $244.92 |
| Total housing payment | $1,279.68 | $1,527.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,267
Closing costs & prepaids$8,527
Usable credit−$0
Total buyer cash needed$40,794
Earnest money paid−$0
Remaining funds due$40,794
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,000.00
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)$284.75
Prepaid interest, first (1 days)$17.09
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 closing23 yr 4 moOf the original 30-year loan at 3.720%
Interest already paid$45,084Through Nov 2026
Assumption only · ends Mar 2050$106,281
New conventional · ends Dec 2056$272,982