Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,501/mo
+$1,116/mo- Down payment
- $0
- Funds due
- $8,782
- Interest + MI left
- $132,608
- First ends
- Oct 2046
New loan
New conventional
$1,385/mo
Lowest payment- Down payment
- $12,990
- Funds due
- $19,839
- Interest + MI left
- $177,302
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $310,732 | $116,910 |
| Second mortgage | — | — |
| First P&I | $1,728.58 | $809.46 |
| Second P&I | — | — |
| Mortgage insurance | $220.10 | $23.38 |
| Taxes, insurance & HOA | $552.42 | $552.42 |
| Total housing payment | $2,501.09 | $1,385.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,782
Usable credit−$0
Total buyer cash needed$8,782
Earnest money paid−$0
Remaining funds due$8,782
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,299.00
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)$259.25
Initial HOA (3 months)$948.00
Prepaid interest, first (2 days)$51.08
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 closing19 yr 11 moOf the original 30-year loan at 3.000%
Interest already paid$109,890Through Nov 2026
Assumption only · ends Oct 2046$132,608
New conventional · ends Dec 2056$177,302