Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,041/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,904
- Interest + MI left
- $161,096
- First ends
- Nov 2051
New loan
New conventional
$2,261/mo
+$220/mo- Down payment
- $29,000
- Funds due
- $36,843
- Interest + MI left
- $395,824
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $300,285 | $261,000 |
| Second mortgage | — | — |
| First P&I | $1,399.12 | $1,807.11 |
| Second P&I | — | — |
| Mortgage insurance | $239.95 | $52.20 |
| Taxes, insurance & HOA | $401.75 | $401.75 |
| Total housing payment | $2,040.82 | $2,261.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,904
Usable credit−$0
Total buyer cash needed$9,904
Earnest money paid−$0
Remaining funds due$9,904
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$395.25
Initial HOA (3 months)$360.00
Prepaid interest, first (1 days)$23.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing25 yrOf the original 30-year loan at 2.840%
Interest already paid$45,482Through Nov 2026
Assumption only · ends Nov 2051$161,096
New conventional · ends Dec 2056$395,824