Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,680/mo
Lowest payment- Down payment
- $4,742
- Funds due
- $14,383
- Interest + MI left
- $101,923
- First ends
- Aug 2051
New loan
New conventional
$1,868/mo
+$189/mo- Down payment
- $19,000
- Funds due
- $26,670
- Interest + MI left
- $259,333
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $185,258 | $171,000 |
| Second mortgage | — | — |
| First P&I | $880.63 | $1,183.97 |
| Second P&I | — | — |
| Mortgage insurance | $148.71 | $34.20 |
| Taxes, insurance & HOA | $650.17 | $650.17 |
| Total housing payment | $1,679.52 | $1,868.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,742
Closing costs & prepaids$9,641
Usable credit−$0
Total buyer cash needed$14,383
Earnest money paid−$0
Remaining funds due$14,383
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,900.00
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)$279.50
Initial HOA (3 months)$1,221.00
Prepaid interest, first (1 days)$15.02
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$30,788Through Nov 2026
Assumption only · ends Aug 2051$101,923
New conventional · ends Dec 2056$259,333