Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,752/mo
Lowest payment- Down payment
- $5,645
- Funds due
- $15,034
- Interest + MI left
- $145,320
- First ends
- Oct 2051
New loan
New conventional
$2,037/mo
+$285/mo- Down payment
- $27,500
- Funds due
- $34,872
- Interest + MI left
- $375,350
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $269,355 | $247,500 |
| Second mortgage | — | — |
| First P&I | $1,262.06 | $1,713.64 |
| Second P&I | — | — |
| Mortgage insurance | $215.61 | $49.50 |
| Taxes, insurance & HOA | $274.00 | $274.00 |
| Total housing payment | $1,751.66 | $2,037.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,645
Closing costs & prepaids$9,389
Usable credit−$0
Total buyer cash needed$15,034
Earnest money paid−$0
Remaining funds due$15,034
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$372.00
Prepaid interest, first (2 days)$42.36
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$41,956Through Nov 2026
Assumption only · ends Oct 2051$145,320
New conventional · ends Dec 2056$375,350