Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,269/mo
Lowest payment- Down payment
- $24,787
- Funds due
- $33,937
- Interest + MI left
- $54,301
- First ends
- Oct 2050
New loan
New conventional
$1,479/mo
+$210/mo- Down payment
- $12,500
- Funds due
- $19,793
- Interest + MI left
- $164,494
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $100,213 | $112,500 |
| Second mortgage | — | — |
| First P&I | $492.43 | $762.11 |
| Second P&I | — | — |
| Mortgage insurance | $82.42 | $22.50 |
| Taxes, insurance & HOA | $694.25 | $694.25 |
| Total housing payment | $1,269.10 | $1,478.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,787
Closing costs & prepaids$9,149
Usable credit−$0
Total buyer cash needed$33,937
Earnest money paid−$0
Remaining funds due$33,937
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,250.00
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)$318.75
Initial HOA (3 months)$1,314.00
Prepaid interest, first (5 days)$41.60
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 closing23 yr 10 moOf the original 30-year loan at 3.03%
Interest already paid$20,300Through Dec 2026
Assumption only · ends Oct 2050$54,301
New conventional · ends Jan 2057$164,494