Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,642/mo
Lowest payment- Down payment
- $18,880
- Funds due
- $28,483
- Interest + MI left
- $102,277
- First ends
- Feb 2051
New loan
New conventional
$1,927/mo
+$285/mo- Down payment
- $21,490
- Funds due
- $29,127
- Interest + MI left
- $293,319
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $196,020 | $193,410 |
| Second mortgage | — | — |
| First P&I | $932.75 | $1,339.13 |
| Second P&I | — | — |
| Mortgage insurance | $159.97 | $38.68 |
| Taxes, insurance & HOA | $549.67 | $549.67 |
| Total housing payment | $1,642.38 | $1,927.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,880
Closing costs & prepaids$9,604
Usable credit−$0
Total buyer cash needed$28,483
Earnest money paid−$0
Remaining funds due$28,483
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,149.00
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)$239.00
Initial HOA (3 months)$960.00
Prepaid interest, first (2 days)$30.50
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 closing24 yr 3 moOf the original 30-year loan at 2.840%
Interest already paid$34,546Through Nov 2026
Assumption only · ends Feb 2051$102,277
New conventional · ends Dec 2056$293,319