Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,874/mo
Lowest payment- Down payment
- $37,384
- Funds due
- $47,107
- Interest + MI left
- $151,224
- First ends
- Dec 2049
New loan
New conventional
$2,177/mo
+$303/mo- Down payment
- $28,500
- Funds due
- $36,193
- Interest + MI left
- $389,000
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $247,616 | $256,500 |
| Second mortgage | — | — |
| First P&I | $1,318.79 | $1,775.95 |
| Second P&I | — | — |
| Mortgage insurance | $205.21 | $51.30 |
| Taxes, insurance & HOA | $349.75 | $349.75 |
| Total housing payment | $1,873.75 | $2,177.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,384
Closing costs & prepaids$9,723
Usable credit−$0
Total buyer cash needed$47,107
Earnest money paid−$0
Remaining funds due$47,107
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$599.25
Prepaid interest, first (2 days)$48.98
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 closing23 yr 1 moOf the original 30-year loan at 3.610%
Interest already paid$67,365Through Nov 2026
Assumption only · ends Dec 2049$151,224
New conventional · ends Dec 2056$389,000