Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,683/mo
Lowest payment- Down payment
- $38,090
- Funds due
- $47,687
- Interest + MI left
- $131,313
- First ends
- May 2051
New loan
New conventional
$2,114/mo
+$431/mo- Down payment
- $27,500
- Funds due
- $35,052
- 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 | $236,910 | $247,500 |
| Second mortgage | — | — |
| First P&I | $1,141.33 | $1,713.64 |
| Second P&I | — | — |
| Mortgage insurance | $191.26 | $49.50 |
| Taxes, insurance & HOA | $350.58 | $350.58 |
| Total housing payment | $1,683.17 | $2,113.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,090
Closing costs & prepaids$9,596
Usable credit−$0
Total buyer cash needed$47,687
Earnest money paid−$0
Remaining funds due$47,687
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)$346.75
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$19.60
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 6 moOf the original 30-year loan at 3.020%
Interest already paid$42,218Through Nov 2026
Assumption only · ends May 2051$131,313
New conventional · ends Dec 2056$375,350