Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,118/mo
Lowest payment- Down payment
- $21,974
- Funds due
- $30,188
- Interest + MI left
- $88,359
- First ends
- Nov 2050
New loan
New conventional
$1,383/mo
+$265/mo- Down payment
- $18,810
- Funds due
- $25,077
- Interest + MI left
- $256,740
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $166,126 | $169,290 |
| Second mortgage | — | — |
| First P&I | $804.74 | $1,172.13 |
| Second P&I | — | — |
| Mortgage insurance | $136.25 | $33.86 |
| Taxes, insurance & HOA | $176.92 | $176.92 |
| Total housing payment | $1,117.91 | $1,382.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,974
Closing costs & prepaids$8,214
Usable credit−$0
Total buyer cash needed$30,188
Earnest money paid−$0
Remaining funds due$30,188
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,881.00
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)$80.75
Prepaid interest, first (2 days)$26.76
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 yrOf the original 30-year loan at 2.940%
Interest already paid$31,718Through Nov 2026
Assumption only · ends Nov 2050$88,359
New conventional · ends Dec 2056$256,740