Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,992/mo
Lowest payment- Down payment
- $22,153
- Funds due
- $32,281
- Interest + MI left
- $148,845
- First ends
- Dec 2050
New loan
New conventional
$2,302/mo
+$310/mo- Down payment
- $30,200
- Funds due
- $38,380
- Interest + MI left
- $397,417
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $279,847 | $271,800 |
| Second mortgage | — | — |
| First P&I | $1,355.63 | $1,841.27 |
| Second P&I | — | — |
| Mortgage insurance | $229.52 | $54.36 |
| Taxes, insurance & HOA | $406.67 | $406.67 |
| Total housing payment | $1,991.81 | $2,302.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,153
Closing costs & prepaids$10,128
Usable credit−$0
Total buyer cash needed$32,281
Earnest money paid−$0
Remaining funds due$32,281
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,020.00
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)$770.00
Prepaid interest, first (5 days)$112.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 yrOf the original 30-year loan at 2.94%
Interest already paid$53,430Through Dec 2026
Assumption only · ends Dec 2050$148,845
New conventional · ends Jan 2057$397,417