Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,405/mo
Lowest payment- Down payment
- $40,129
- Funds due
- $51,129
- Interest + MI left
- $201,290
- First ends
- Jul 2051
New loan
New conventional
$2,950/mo
+$545/mo- Down payment
- $39,900
- Funds due
- $48,786
- Interest + MI left
- $544,599
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $358,871 | $359,100 |
| Second mortgage | — | — |
| First P&I | $1,724.72 | $2,486.34 |
| Second P&I | — | — |
| Mortgage insurance | $288.29 | $71.82 |
| Taxes, insurance & HOA | $391.50 | $391.50 |
| Total housing payment | $2,404.51 | $2,949.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,129
Closing costs & prepaids$10,999
Usable credit−$0
Total buyer cash needed$51,129
Earnest money paid−$0
Remaining funds due$51,129
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$724.50
Prepaid interest, first (2 days)$59.78
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 8 moOf the original 30-year loan at 3.040%
Interest already paid$62,253Through Nov 2026
Assumption only · ends Jul 2051$201,290
New conventional · ends Dec 2056$544,599