Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,133/mo
Lowest payment- Down payment
- $27,714
- Funds due
- $38,170
- Interest + MI left
- $172,088
- First ends
- Dec 2051
New loan
New conventional
$2,605/mo
+$472/mo- Down payment
- $34,200
- Funds due
- $42,551
- Interest + MI left
- $466,799
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $314,286 | $307,800 |
| Second mortgage | — | — |
| First P&I | $1,470.75 | $2,131.15 |
| Second P&I | — | — |
| Mortgage insurance | $250.29 | $61.56 |
| Taxes, insurance & HOA | $411.92 | $411.92 |
| Total housing payment | $2,132.95 | $2,604.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,714
Closing costs & prepaids$10,456
Usable credit−$0
Total buyer cash needed$38,170
Earnest money paid−$0
Remaining funds due$38,170
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,420.00
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)$785.75
Prepaid interest, first (1 days)$24.97
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 yr 1 moOf the original 30-year loan at 2.900%
Interest already paid$47,710Through Nov 2026
Assumption only · ends Dec 2051$172,088
New conventional · ends Dec 2056$466,799