Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,549/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,003
- Interest + MI left
- $113,924
- First ends
- Aug 2051
New loan
New conventional
$1,680/mo
+$131/mo- Down payment
- $19,990
- Funds due
- $27,032
- Interest + MI left
- $272,846
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $207,071 | $179,910 |
| Second mortgage | — | — |
| First P&I | $984.33 | $1,245.66 |
| Second P&I | — | — |
| Mortgage insurance | $166.23 | $35.98 |
| Taxes, insurance & HOA | $398.42 | $398.42 |
| Total housing payment | $1,548.97 | $1,680.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,003
Usable credit−$0
Total buyer cash needed$9,003
Earnest money paid−$0
Remaining funds due$9,003
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,999.00
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)$82.25
Initial HOA (3 months)$663.00
Prepaid interest, first (2 days)$33.59
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 2.960%
Interest already paid$34,413Through Nov 2026
Assumption only · ends Aug 2051$113,924
New conventional · ends Dec 2056$272,846