Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,965/mo
Lowest payment- Down payment
- $13,326
- Funds due
- $23,242
- Interest + MI left
- $159,112
- First ends
- Sep 2051
New loan
New conventional
$2,296/mo
+$331/mo- Down payment
- $30,000
- Funds due
- $37,848
- Interest + MI left
- $409,473
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $286,674 | $270,000 |
| Second mortgage | — | — |
| First P&I | $1,362.60 | $1,869.43 |
| Second P&I | — | — |
| Mortgage insurance | $229.52 | $54.00 |
| Taxes, insurance & HOA | $372.75 | $372.75 |
| Total housing payment | $1,964.86 | $2,296.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,326
Closing costs & prepaids$9,917
Usable credit−$0
Total buyer cash needed$23,242
Earnest money paid−$0
Remaining funds due$23,242
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$374.25
Initial HOA (3 months)$294.00
Prepaid interest, first (1 days)$23.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 30-year loan at 2.980%
Interest already paid$47,133Through Nov 2026
Assumption only · ends Sep 2051$159,112
New conventional · ends Dec 2056$409,473