Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,773/mo
+$1,604/mo- Down payment
- $0
- Funds due
- $6,303
- Interest + MI left
- $150,309
- First ends
- Apr 2051
New loan
New conventional
$170/mo
Lowest payment- Down payment
- $270
- Funds due
- $4,727
- Interest + MI left
- $3,685
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $294,814 | $2,430 |
| Second mortgage | — | — |
| First P&I | $1,381.13 | $16.82 |
| Second P&I | — | — |
| Mortgage insurance | $239.95 | $0.49 |
| Taxes, insurance & HOA | $152.25 | $152.25 |
| Total housing payment | $1,773.33 | $169.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$6,303
Usable credit−$0
Total buyer cash needed$6,303
Earnest money paid−$0
Remaining funds due$6,303
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$27.00
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)$6.75
Prepaid interest, first (2 days)$44.26
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 closing24 yr 5 moOf the original 30-year loan at 2.740%
Interest already paid$48,598Through Nov 2026
Assumption only · ends Apr 2051$150,309
New conventional · ends Dec 2056$3,685