Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,393/mo
Lowest payment- Down payment
- $0
- Funds due
- $8,668
- Interest + MI left
- $100,421
- First ends
- Dec 2051
New loan
New conventional
$1,478/mo
+$85/mo- Down payment
- $16,990
- Funds due
- $23,721
- Interest + MI left
- $231,898
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $183,400 | $152,910 |
| Second mortgage | — | — |
| First P&I | $858.25 | $1,058.72 |
| Second P&I | — | — |
| Mortgage insurance | $146.06 | $30.58 |
| Taxes, insurance & HOA | $388.42 | $388.42 |
| Total housing payment | $1,392.72 | $1,477.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,668
Usable credit−$0
Total buyer cash needed$8,668
Earnest money paid−$0
Remaining funds due$8,668
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,699.00
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)$115.25
Initial HOA (3 months)$600.00
Prepaid interest, first (2 days)$29.14
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$27,841Through Nov 2026
Assumption only · ends Dec 2051$100,421
New conventional · ends Dec 2056$231,898