Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,842/mo
Lowest payment- Down payment
- $39,864
- Funds due
- $49,846
- Interest + MI left
- $144,668
- First ends
- Aug 2051
New loan
New conventional
$2,339/mo
+$496/mo- Down payment
- $30,890
- Funds due
- $38,833
- Interest + MI left
- $421,621
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $269,036 | $278,010 |
| Second mortgage | — | — |
| First P&I | $1,267.76 | $1,924.89 |
| Second P&I | — | — |
| Mortgage insurance | $216.30 | $55.60 |
| Taxes, insurance & HOA | $358.33 | $358.33 |
| Total housing payment | $1,842.40 | $2,338.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,864
Closing costs & prepaids$9,981
Usable credit−$0
Total buyer cash needed$49,846
Earnest money paid−$0
Remaining funds due$49,846
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,089.00
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)$385.00
Initial HOA (3 months)$240.00
Prepaid interest, first (2 days)$42.46
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 9 moOf the original 30-year loan at 2.880%
Interest already paid$43,538Through Nov 2026
Assumption only · ends Aug 2051$144,668
New conventional · ends Dec 2056$421,621