Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,620/mo
Lowest payment- Down payment
- $10,945
- Funds due
- $20,245
- Interest + MI left
- $121,072
- First ends
- Oct 2050
New loan
New conventional
$1,811/mo
+$191/mo- Down payment
- $23,500
- Funds due
- $30,972
- Interest + MI left
- $309,248
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $224,055 | $211,500 |
| Second mortgage | — | — |
| First P&I | $1,099.82 | $1,432.77 |
| Second P&I | — | — |
| Mortgage insurance | $184.31 | $42.30 |
| Taxes, insurance & HOA | $336.00 | $336.00 |
| Total housing payment | $1,620.13 | $1,811.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,945
Closing costs & prepaids$9,300
Usable credit−$0
Total buyer cash needed$20,245
Earnest money paid−$0
Remaining funds due$20,245
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,350.00
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)$282.00
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$166.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing23 yr 10 moOf the original 30-year loan at 3.02%
Interest already paid$45,242Through Dec 2026
Assumption only · ends Oct 2050$121,072
New conventional · ends Jan 2057$309,248