Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,493/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,034
- Interest + MI left
- $105,246
- First ends
- Nov 2051
New loan
New conventional
$1,676/mo
+$184/mo- Down payment
- $19,500
- Funds due
- $26,579
- 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 | $195,040 | $175,500 |
| Second mortgage | — | — |
| First P&I | $910.76 | $1,215.13 |
| Second P&I | — | — |
| Mortgage insurance | $155.79 | $35.10 |
| Taxes, insurance & HOA | $426.00 | $426.00 |
| Total housing payment | $1,492.55 | $1,676.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,034
Usable credit−$0
Total buyer cash needed$9,034
Earnest money paid−$0
Remaining funds due$9,034
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)$828.00
Prepaid interest, first (2 days)$30.57
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 closing25 yrOf the original 30-year loan at 2.860%
Interest already paid$29,743Through Nov 2026
Assumption only · ends Nov 2051$105,246
New conventional · ends Dec 2056$266,158