Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,043/mo
Lowest payment- Down payment
- $40,167
- Funds due
- $50,645
- Interest + MI left
- $154,695
- First ends
- Oct 2051
New loan
New conventional
$2,566/mo
+$523/mo- Down payment
- $32,690
- Funds due
- $41,077
- Interest + MI left
- $446,189
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $286,733 | $294,210 |
| Second mortgage | — | — |
| First P&I | $1,343.48 | $2,037.05 |
| Second P&I | — | — |
| Mortgage insurance | $229.52 | $58.84 |
| Taxes, insurance & HOA | $470.17 | $470.17 |
| Total housing payment | $2,043.16 | $2,566.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,167
Closing costs & prepaids$10,477
Usable credit−$0
Total buyer cash needed$50,645
Earnest money paid−$0
Remaining funds due$50,645
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,269.00
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)$315.50
Initial HOA (3 months)$645.00
Prepaid interest, first (1 days)$22.55
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 11 moOf the original 30-year loan at 2.870%
Interest already paid$44,663Through Nov 2026
Assumption only · ends Oct 2051$154,695
New conventional · ends Dec 2056$446,189