Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,916/mo
Lowest payment- Down payment
- $28,543
- Funds due
- $38,611
- Interest + MI left
- $148,168
- First ends
- Nov 2051
New loan
New conventional
$2,362/mo
+$446/mo- Down payment
- $30,473
- Funds due
- $38,470
- Interest + MI left
- $415,929
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $276,187 | $274,257 |
| Second mortgage | — | — |
| First P&I | $1,286.84 | $1,898.90 |
| Second P&I | — | — |
| Mortgage insurance | $220.69 | $54.85 |
| Taxes, insurance & HOA | $408.08 | $408.08 |
| Total housing payment | $1,915.62 | $2,361.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,543
Closing costs & prepaids$10,068
Usable credit−$0
Total buyer cash needed$38,611
Earnest money paid−$0
Remaining funds due$38,611
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,047.30
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)$516.25
Initial HOA (3 months)$258.00
Prepaid interest, first (1 days)$21.49
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 yrOf the original 30-year loan at 2.840%
Interest already paid$41,832Through Nov 2026
Assumption only · ends Nov 2051$148,168
New conventional · ends Dec 2056$415,929