Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,969/mo
Lowest payment- Down payment
- $35,361
- Funds due
- $45,473
- Interest + MI left
- $159,302
- First ends
- Jul 2051
New loan
New conventional
$2,438/mo
+$469/mo- Down payment
- $32,500
- Funds due
- $40,523
- Interest + MI left
- $443,596
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $289,639 | $292,500 |
| Second mortgage | — | — |
| First P&I | $1,381.47 | $2,025.21 |
| Second P&I | — | — |
| Mortgage insurance | $232.99 | $58.50 |
| Taxes, insurance & HOA | $354.42 | $354.42 |
| Total housing payment | $1,968.88 | $2,438.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,361
Closing costs & prepaids$10,112
Usable credit−$0
Total buyer cash needed$45,473
Earnest money paid−$0
Remaining funds due$45,473
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$418.25
Initial HOA (3 months)$195.00
Prepaid interest, first (1 days)$23.57
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 8 moOf the original 30-year loan at 2.970%
Interest already paid$49,121Through Nov 2026
Assumption only · ends Jul 2051$159,302
New conventional · ends Dec 2056$443,596