Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,413/mo
Lowest payment- Down payment
- $21,546
- Funds due
- $30,384
- Interest + MI left
- $111,956
- First ends
- May 2051
New loan
New conventional
$1,742/mo
+$329/mo- Down payment
- $23,600
- Funds due
- $30,428
- Interest + MI left
- $322,119
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $214,454 | $212,400 |
| Second mortgage | — | — |
| First P&I | $1,009.93 | $1,470.61 |
| Second P&I | — | — |
| Mortgage insurance | $173.88 | $42.48 |
| Taxes, insurance & HOA | $228.75 | $228.75 |
| Total housing payment | $1,412.56 | $1,741.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,546
Closing costs & prepaids$8,838
Usable credit−$0
Total buyer cash needed$30,384
Earnest money paid−$0
Remaining funds due$30,384
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,360.00
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)$236.25
Prepaid interest, first (1 days)$16.51
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 6 moOf the original 30-year loan at 2.810%
Interest already paid$35,639Through Nov 2026
Assumption only · ends May 2051$111,956
New conventional · ends Dec 2056$322,119