Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,309/mo
Lowest payment- Down payment
- $25,091
- Funds due
- $33,481
- Interest + MI left
- $183,483
- First ends
- Apr 2054
New loan
New conventional
$1,374/mo
+$65/mo- Down payment
- $16,900
- Funds due
- $23,330
- Interest + MI left
- $230,670
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $143,909 | $152,100 |
| Second mortgage | — | — |
| First P&I | $950.17 | $1,053.11 |
| Second P&I | — | — |
| Mortgage insurance | $67.98 | $30.42 |
| Taxes, insurance & HOA | $290.83 | $290.83 |
| Total housing payment | $1,308.99 | $1,374.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,091
Closing costs & prepaids$8,390
Usable credit−$0
Total buyer cash needed$33,481
Earnest money paid−$0
Remaining funds due$33,481
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,690.00
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)$422.50
Prepaid interest, first (2 days)$52.28
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 closing27 yr 5 moOf the original 30-year loan at 6.630%
Interest already paid$25,048Through Nov 2026
Assumption only · ends Apr 2054$183,483
New conventional · ends Dec 2056$230,670