Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,105/mo
Lowest payment- Down payment
- $22,912
- Funds due
- $33,373
- Interest + MI left
- $163,614
- First ends
- Oct 2051
New loan
New conventional
$2,488/mo
+$383/mo- Down payment
- $32,800
- Funds due
- $41,304
- Interest + MI left
- $431,631
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $305,088 | $295,200 |
| Second mortgage | — | — |
| First P&I | $1,431.20 | $1,999.79 |
| Second P&I | — | — |
| Mortgage insurance | $244.82 | $59.04 |
| Taxes, insurance & HOA | $428.83 | $428.83 |
| Total housing payment | $2,104.85 | $2,487.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,912
Closing costs & prepaids$10,461
Usable credit−$0
Total buyer cash needed$33,373
Earnest money paid−$0
Remaining funds due$33,373
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,280.00
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)$836.50
Prepaid interest, first (5 days)$119.53
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 yr 10 moOf the original 30-year loan at 2.86%
Interest already paid$48,199Through Dec 2026
Assumption only · ends Oct 2051$163,614
New conventional · ends Jan 2057$431,631