Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,822/mo
Lowest payment- Down payment
- $32,555
- Funds due
- $41,713
- Interest + MI left
- $274,630
- First ends
- Nov 2053
New loan
New conventional
$1,825/mo
+$3/mo- Down payment
- $23,500
- Funds due
- $30,630
- Interest + MI left
- $320,754
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $202,445 | $211,500 |
| Second mortgage | — | — |
| First P&I | $1,408.32 | $1,464.38 |
| Second P&I | — | — |
| Mortgage insurance | $95.86 | $42.30 |
| Taxes, insurance & HOA | $317.92 | $317.92 |
| Total housing payment | $1,822.10 | $1,824.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,555
Closing costs & prepaids$9,158
Usable credit−$0
Total buyer cash needed$41,713
Earnest money paid−$0
Remaining funds due$41,713
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)$503.75
Prepaid interest, first (2 days)$78.98
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 yrOf the original 30-year loan at 7.120%
Interest already paid$44,003Through Nov 2026
Assumption only · ends Nov 2053$274,630
New conventional · ends Dec 2056$320,754