Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,075/mo
Lowest payment- Down payment
- $20,216
- Funds due
- $28,554
- Interest + MI left
- $74,066
- First ends
- Oct 2051
New loan
New conventional
$1,332/mo
+$257/mo- Down payment
- $15,750
- Funds due
- $22,166
- Interest + MI left
- $214,973
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $137,284 | $141,750 |
| Second mortgage | — | — |
| First P&I | $643.24 | $981.45 |
| Second P&I | — | — |
| Mortgage insurance | $109.89 | $28.35 |
| Taxes, insurance & HOA | $322.17 | $322.17 |
| Total housing payment | $1,075.30 | $1,331.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,216
Closing costs & prepaids$8,338
Usable credit−$0
Total buyer cash needed$28,554
Earnest money paid−$0
Remaining funds due$28,554
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,575.00
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)$78.50
Initial HOA (3 months)$438.00
Prepaid interest, first (2 days)$21.59
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 30-year loan at 2.870%
Interest already paid$21,384Through Nov 2026
Assumption only · ends Oct 2051$74,066
New conventional · ends Dec 2056$214,973