Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,929/mo
Lowest payment- Down payment
- $22,645
- Funds due
- $32,145
- Interest + MI left
- $251,062
- First ends
- Jul 2053
New loan
New conventional
$1,951/mo
+$22/mo- Down payment
- $23,450
- Funds due
- $30,922
- Interest + MI left
- $320,072
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $211,855 | $211,050 |
| Second mortgage | — | — |
| First P&I | $1,380.45 | $1,461.27 |
| Second P&I | — | — |
| Mortgage insurance | $101.26 | $42.21 |
| Taxes, insurance & HOA | $447.75 | $447.75 |
| Total housing payment | $1,929.45 | $1,951.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,645
Closing costs & prepaids$9,500
Usable credit−$0
Total buyer cash needed$32,145
Earnest money paid−$0
Remaining funds due$32,145
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,345.00
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)$893.25
Prepaid interest, first (1 days)$37.09
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing26 yr 8 moOf the original 30-year loan at 6.390%
Interest already paid$46,149Through Nov 2026
Assumption only · ends Jul 2053$251,062
New conventional · ends Dec 2056$320,072