Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,271/mo
Lowest payment- Down payment
- $32,609
- Funds due
- $41,529
- Interest + MI left
- $85,261
- First ends
- Oct 2051
New loan
New conventional
$1,646/mo
+$375/mo- Down payment
- $20,990
- Funds due
- $28,025
- Interest + MI left
- $276,218
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $177,291 | $188,910 |
| Second mortgage | — | — |
| First P&I | $799.20 | $1,279.74 |
| Second P&I | — | — |
| Mortgage insurance | $143.27 | $37.78 |
| Taxes, insurance & HOA | $328.42 | $328.42 |
| Total housing payment | $1,270.89 | $1,645.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,609
Closing costs & prepaids$8,920
Usable credit−$0
Total buyer cash needed$41,529
Earnest money paid−$0
Remaining funds due$41,529
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,099.00
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)$535.25
Prepaid interest, first (5 days)$60.72
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 2.5%
Interest already paid$24,574Through Dec 2026
Assumption only · ends Oct 2051$85,261
New conventional · ends Jan 2057$276,218