Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$989/mo
Lowest payment- Down payment
- $14,279
- Funds due
- $22,284
- Interest + MI left
- $82,881
- First ends
- May 2052
New loan
New conventional
$1,151/mo
+$162/mo- Down payment
- $13,500
- Funds due
- $19,595
- Interest + MI left
- $184,263
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $120,721 | $121,500 |
| Second mortgage | — | — |
| First P&I | $609.37 | $841.24 |
| Second P&I | — | — |
| Mortgage insurance | $93.89 | $24.30 |
| Taxes, insurance & HOA | $285.25 | $285.25 |
| Total housing payment | $988.52 | $1,150.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,279
Closing costs & prepaids$8,005
Usable credit−$0
Total buyer cash needed$22,284
Earnest money paid−$0
Remaining funds due$22,284
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,350.00
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)$405.75
Prepaid interest, first (2 days)$24.41
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 closing25 yr 6 moOf the original 30-year loan at 3.690%
Interest already paid$21,073Through Nov 2026
Assumption only · ends May 2052$82,881
New conventional · ends Dec 2056$184,263