Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,228/mo
+$204/mo- Down payment
- $21,808
- Funds due
- $33,420
- Interest + MI left
- $388,793
- First ends
- Jul 2051
New loan
New conventional
$3,025/mo
Lowest payment- Down payment
- $39,999
- Funds due
- $49,447
- Interest + MI left
- $520,238
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $378,182 | $359,991 |
| Second mortgage | — | — |
| First P&I | $2,429.50 | $2,421.68 |
| Second P&I | — | — |
| Mortgage insurance | $267.88 | $72.00 |
| Taxes, insurance & HOA | $531.00 | $531.00 |
| Total housing payment | $3,228.38 | $3,024.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,808
Closing costs & prepaids$11,612
Usable credit−$0
Total buyer cash needed$33,420
Earnest money paid−$0
Remaining funds due$33,420
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.90
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)$1,020.00
Initial HOA (3 months)$123.00
Prepaid interest, first (4 days)$244.15
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 7 moOf the original 30-year loan at 5.891%
Interest already paid$126,100Through Dec 2026
Assumption only · ends Jul 2051$388,793
New conventional · ends Jan 2057$520,238