Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,974/mo
Lowest payment- Down payment
- $34,184
- Funds due
- $44,285
- Interest + MI left
- $161,206
- First ends
- Jul 2051
New loan
New conventional
$2,419/mo
+$446/mo- Down payment
- $32,000
- Funds due
- $40,016
- Interest + MI left
- $436,771
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $285,816 | $288,000 |
| Second mortgage | — | — |
| First P&I | $1,376.60 | $1,994.05 |
| Second P&I | — | — |
| Mortgage insurance | $229.52 | $57.60 |
| Taxes, insurance & HOA | $367.42 | $367.42 |
| Total housing payment | $1,973.53 | $2,419.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,184
Closing costs & prepaids$10,101
Usable credit−$0
Total buyer cash needed$44,285
Earnest money paid−$0
Remaining funds due$44,285
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$316.25
Initial HOA (3 months)$336.00
Prepaid interest, first (1 days)$23.96
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 8 moOf the original 30-year loan at 3.060%
Interest already paid$49,896Through Nov 2026
Assumption only · ends Jul 2051$161,206
New conventional · ends Dec 2056$436,771