Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,279/mo
Lowest payment- Down payment
- $33,987
- Funds due
- $42,891
- Interest + MI left
- $90,971
- First ends
- Dec 2051
New loan
New conventional
$1,639/mo
+$360/mo- Down payment
- $19,500
- Funds due
- $26,431
- Interest + MI left
- $266,158
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $161,013 | $175,500 |
| Second mortgage | — | — |
| First P&I | $762.67 | $1,215.13 |
| Second P&I | — | — |
| Mortgage insurance | $127.97 | $35.10 |
| Taxes, insurance & HOA | $388.50 | $388.50 |
| Total housing payment | $1,279.15 | $1,638.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,987
Closing costs & prepaids$8,904
Usable credit−$0
Total buyer cash needed$42,891
Earnest money paid−$0
Remaining funds due$42,891
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,950.00
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)$715.50
Prepaid interest, first (1 days)$13.28
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 yr 1 moOf the original 30-year loan at 3.010%
Interest already paid$25,343Through Nov 2026
Assumption only · ends Dec 2051$90,971
New conventional · ends Dec 2056$266,158