Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,209/mo
Lowest payment- Down payment
- $15,289
- Funds due
- $23,838
- Interest + MI left
- $88,588
- First ends
- Oct 2051
New loan
New conventional
$1,433/mo
+$224/mo- Down payment
- $18,000
- Funds due
- $24,663
- Interest + MI left
- $236,869
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $164,710 | $161,999 |
| Second mortgage | — | — |
| First P&I | $773.52 | $1,097.44 |
| Second P&I | — | — |
| Mortgage insurance | $132.15 | $32.40 |
| Taxes, insurance & HOA | $303.00 | $303.00 |
| Total housing payment | $1,208.66 | $1,432.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,289
Closing costs & prepaids$8,549
Usable credit−$0
Total buyer cash needed$23,838
Earnest money paid−$0
Remaining funds due$23,838
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,799.99
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)$459.00
Prepaid interest, first (5 days)$64.76
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 2.87%
Interest already paid$26,110Through Dec 2026
Assumption only · ends Oct 2051$88,588
New conventional · ends Jan 2057$236,869