Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,418/mo
Lowest payment- Down payment
- $29,766
- Funds due
- $38,791
- Interest + MI left
- $112,376
- First ends
- Dec 2051
New loan
New conventional
$1,801/mo
+$383/mo- Down payment
- $23,500
- Funds due
- $30,517
- Interest + MI left
- $320,754
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $205,234 | $211,500 |
| Second mortgage | — | — |
| First P&I | $960.42 | $1,464.38 |
| Second P&I | — | — |
| Mortgage insurance | $163.44 | $42.30 |
| Taxes, insurance & HOA | $294.58 | $294.58 |
| Total housing payment | $1,418.45 | $1,801.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,766
Closing costs & prepaids$9,025
Usable credit−$0
Total buyer cash needed$38,791
Earnest money paid−$0
Remaining funds due$38,791
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,350.00
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)$133.75
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$16.31
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$31,155Through Nov 2026
Assumption only · ends Dec 2051$112,376
New conventional · ends Dec 2056$320,754