Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$986/mo
Lowest payment- Down payment
- $8,274
- Funds due
- $15,957
- Interest + MI left
- $151,295
- First ends
- Feb 2056
New loan
New conventional
$1,022/mo
+$36/mo- Down payment
- $12,990
- Funds due
- $18,750
- 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 | $121,626 | $116,910 |
| Second mortgage | — | — |
| First P&I | $740.60 | $809.46 |
| Second P&I | — | — |
| Mortgage insurance | $56.25 | $23.38 |
| Taxes, insurance & HOA | $189.58 | $189.58 |
| Total housing payment | $986.44 | $1,022.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,274
Closing costs & prepaids$7,683
Usable credit−$0
Total buyer cash needed$15,957
Earnest money paid−$0
Remaining funds due$15,957
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)$118.75
Prepaid interest, first (2 days)$40.39
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 closing29 yr 3 moOf the original 30-year loan at 6.060%
Interest already paid$5,556Through Nov 2026
Assumption only · ends Feb 2056$151,295
New conventional · ends Dec 2056$177,302