Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,254/mo
Lowest payment- Down payment
- $15,319
- Funds due
- $25,427
- Interest + MI left
- $225,466
- First ends
- Jul 2051
New loan
New conventional
$2,591/mo
+$337/mo- Down payment
- $37,999
- Funds due
- $45,996
- Interest + MI left
- $518,652
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $364,671 | $341,991 |
| Second mortgage | — | — |
| First P&I | $1,841.08 | $2,367.88 |
| Second P&I | — | — |
| Mortgage insurance | $258.31 | $68.40 |
| Taxes, insurance & HOA | $154.33 | $154.33 |
| Total housing payment | $2,253.72 | $2,590.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,319
Closing costs & prepaids$10,108
Usable credit−$0
Total buyer cash needed$25,427
Earnest money paid−$0
Remaining funds due$25,427
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.90
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Initial HOA (3 months)$12.99
Prepaid interest, first (2 days)$69.94
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 8 moOf the original 30-year loan at 3.500%
Interest already paid$72,500Through Nov 2026
Assumption only · ends Jul 2051$225,466
New conventional · ends Dec 2056$518,652