Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,929/mo
Lowest payment- Down payment
- $31,651
- Funds due
- $43,077
- Interest + MI left
- $253,464
- First ends
- Aug 2049
New loan
New conventional
$3,117/mo
+$188/mo- Down payment
- $41,000
- Funds due
- $50,281
- Interest + MI left
- $559,613
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $378,349 | $369,000 |
| Second mortgage | — | — |
| First P&I | $2,127.32 | $2,554.88 |
| Second P&I | — | — |
| Mortgage insurance | $312.98 | $73.80 |
| Taxes, insurance & HOA | $488.75 | $488.75 |
| Total housing payment | $2,929.05 | $3,117.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,651
Closing costs & prepaids$11,426
Usable credit−$0
Total buyer cash needed$43,077
Earnest money paid−$0
Remaining funds due$43,077
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$916.25
Initial HOA (3 months)$99.99
Prepaid interest, first (2 days)$84.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing22 yr 9 moOf the original 30-year loan at 4.070%
Interest already paid$121,577Through Nov 2026
Assumption only · ends Aug 2049$253,464
New conventional · ends Dec 2056$559,613