Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,811/mo
Lowest payment- Down payment
- $0
- Funds due
- $11,321
- Interest + MI left
- $228,509
- First ends
- Oct 2051
New loan
New conventional
$3,084/mo
+$273/mo- Down payment
- $40,500
- Funds due
- $49,656
- Interest + MI left
- $552,789
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $423,549 | $364,500 |
| Second mortgage | — | — |
| First P&I | $1,984.53 | $2,523.72 |
| Second P&I | — | — |
| Mortgage insurance | $339.03 | $72.90 |
| Taxes, insurance & HOA | $487.50 | $487.50 |
| Total housing payment | $2,811.06 | $3,084.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,321
Usable credit−$0
Total buyer cash needed$11,321
Earnest money paid−$0
Remaining funds due$11,321
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$1,012.50
Prepaid interest, first (1 days)$33.30
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 closing24 yr 11 moOf the original 30-year loan at 2.870%
Interest already paid$65,974Through Nov 2026
Assumption only · ends Oct 2051$228,509
New conventional · ends Dec 2056$552,789