Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$934/mo
Lowest payment- Down payment
- $9,450
- Funds due
- $17,261
- Interest + MI left
- $73,503
- First ends
- Nov 2051
New loan
New conventional
$1,122/mo
+$188/mo- Down payment
- $14,527
- Funds due
- $20,409
- Interest + MI left
- $198,281
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $135,820 | $130,743 |
| Second mortgage | — | — |
| First P&I | $634.93 | $905.24 |
| Second P&I | — | — |
| Mortgage insurance | $108.47 | $26.15 |
| Taxes, insurance & HOA | $191.00 | $191.00 |
| Total housing payment | $934.40 | $1,122.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,450
Closing costs & prepaids$7,811
Usable credit−$0
Total buyer cash needed$17,261
Earnest money paid−$0
Remaining funds due$17,261
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,452.70
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)$123.00
Prepaid interest, first (1 days)$10.68
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 yrOf the original 30-year loan at 2.870%
Interest already paid$20,783Through Nov 2026
Assumption only · ends Nov 2051$73,503
New conventional · ends Dec 2056$198,281