Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,633/mo
Lowest payment- Down payment
- $5,573
- Funds due
- $14,693
- Interest + MI left
- $134,421
- First ends
- Aug 2051
New loan
New conventional
$1,877/mo
+$245/mo- Down payment
- $24,990
- Funds due
- $32,085
- Interest + MI left
- $341,091
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $244,327 | $224,910 |
| Second mortgage | — | — |
| First P&I | $1,161.42 | $1,557.23 |
| Second P&I | — | — |
| Mortgage insurance | $196.13 | $44.98 |
| Taxes, insurance & HOA | $275.17 | $275.17 |
| Total housing payment | $1,632.72 | $1,877.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,573
Closing costs & prepaids$9,119
Usable credit−$0
Total buyer cash needed$14,693
Earnest money paid−$0
Remaining funds due$14,693
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,499.00
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)$375.50
Prepaid interest, first (1 days)$19.81
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 closing24 yr 9 moOf the original 30-year loan at 2.960%
Interest already paid$40,604Through Nov 2026
Assumption only · ends Aug 2051$134,421
New conventional · ends Dec 2056$341,091