Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,685/mo
Lowest payment- Down payment
- $9,119
- Funds due
- $18,711
- Interest + MI left
- $113,584
- First ends
- Nov 2051
New loan
New conventional
$1,941/mo
+$255/mo- Down payment
- $21,900
- Funds due
- $29,496
- Interest + MI left
- $298,915
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $209,881 | $197,100 |
| Second mortgage | — | — |
| First P&I | $981.14 | $1,364.68 |
| Second P&I | — | — |
| Mortgage insurance | $167.62 | $39.42 |
| Taxes, insurance & HOA | $536.67 | $536.67 |
| Total housing payment | $1,685.43 | $1,940.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,119
Closing costs & prepaids$9,592
Usable credit−$0
Total buyer cash needed$18,711
Earnest money paid−$0
Remaining funds due$18,711
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,190.00
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)$890.00
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$16.50
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing25 yrOf the original 30-year loan at 2.870%
Interest already paid$32,115Through Nov 2026
Assumption only · ends Nov 2051$113,584
New conventional · ends Dec 2056$298,915