Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,240/mo
Lowest payment- Down payment
- $28,577
- Funds due
- $39,243
- Interest + MI left
- $178,398
- First ends
- Sep 2051
New loan
New conventional
$2,699/mo
+$459/mo- Down payment
- $35,000
- Funds due
- $43,554
- Interest + MI left
- $477,719
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $321,423 | $315,000 |
| Second mortgage | — | — |
| First P&I | $1,527.76 | $2,181.00 |
| Second P&I | — | — |
| Mortgage insurance | $257.34 | $63.00 |
| Taxes, insurance & HOA | $455.17 | $455.17 |
| Total housing payment | $2,240.27 | $2,699.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,577
Closing costs & prepaids$10,667
Usable credit−$0
Total buyer cash needed$39,243
Earnest money paid−$0
Remaining funds due$39,243
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$675.50
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$26.24
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 10 moOf the original 30-year loan at 2.980%
Interest already paid$52,847Through Nov 2026
Assumption only · ends Sep 2051$178,398
New conventional · ends Dec 2056$477,719