Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,559/mo
Lowest payment- Down payment
- $34,100
- Funds due
- $43,414
- Interest + MI left
- $129,113
- First ends
- Dec 2051
New loan
New conventional
$1,998/mo
+$439/mo- Down payment
- $26,990
- Funds due
- $34,295
- Interest + MI left
- $368,389
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $235,800 | $242,910 |
| Second mortgage | — | — |
| First P&I | $1,103.46 | $1,681.86 |
| Second P&I | — | — |
| Mortgage insurance | $187.79 | $48.58 |
| Taxes, insurance & HOA | $267.50 | $267.50 |
| Total housing payment | $1,558.75 | $1,997.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,100
Closing costs & prepaids$9,314
Usable credit−$0
Total buyer cash needed$43,414
Earnest money paid−$0
Remaining funds due$43,414
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,699.00
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)$352.50
Prepaid interest, first (2 days)$37.47
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 closing25 yr 1 moOf the original 30-year loan at 2.900%
Interest already paid$35,796Through Nov 2026
Assumption only · ends Dec 2051$129,113
New conventional · ends Dec 2056$368,389