Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$14,688/mo
Lowest payment- Down payment
- $88,112
- Funds due
- $123,842
- Interest + MI left
- $1,229,809
- First ends
- Sep 2050
New loan
New conventional
$16,517/mo
+$1,830/mo- Down payment
- $225,000
- Funds due
- $257,121
- Interest + MI left
- $3,071,049
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $2,161,888 | $2,025,000 |
| Second mortgage | — | — |
| First P&I | $10,825.35 | $14,020.69 |
| Second P&I | — | — |
| Mortgage insurance | $1,770.83 | $405.00 |
| Taxes, insurance & HOA | $2,091.67 | $2,091.67 |
| Total housing payment | $14,687.85 | $16,517.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,112
Closing costs & prepaids$35,730
Usable credit−$0
Total buyer cash needed$123,842
Earnest money paid−$0
Remaining funds due$123,842
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$22,500.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$5,625.00
Prepaid interest, first (2 days)$380.26
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 10 moOf the original 30-year loan at 3.210%
Interest already paid$462,964Through Nov 2026
Assumption only · ends Sep 2050$1,229,809
New conventional · ends Dec 2056$3,071,049