Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,452/mo
+$70/mo- Down payment
- $5,163
- Funds due
- $13,574
- Interest + MI left
- $227,865
- First ends
- Sep 2055
New loan
New conventional
$1,382/mo
Lowest payment- Down payment
- $17,000
- Funds due
- $23,442
- Interest + MI left
- $232,035
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $164,837 | $153,000 |
| Second mortgage | — | — |
| First P&I | $1,083.75 | $1,059.34 |
| Second P&I | — | — |
| Mortgage insurance | $76.51 | $30.60 |
| Taxes, insurance & HOA | $291.67 | $291.67 |
| Total housing payment | $1,451.92 | $1,381.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,163
Closing costs & prepaids$8,411
Usable credit−$0
Total buyer cash needed$13,574
Earnest money paid−$0
Remaining funds due$13,574
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,700.00
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)$425.00
Prepaid interest, first (2 days)$61.06
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 closing28 yr 10 moOf the original 30-year loan at 6.760%
Interest already paid$13,089Through Nov 2026
Assumption only · ends Sep 2055$227,865
New conventional · ends Dec 2056$232,035