Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$900/mo
Lowest payment- Down payment
- $21,659
- Funds due
- $29,626
- Interest + MI left
- $72,288
- First ends
- Aug 2052
New loan
New conventional
$1,031/mo
+$131/mo- Down payment
- $10,000
- Funds due
- $16,082
- Interest + MI left
- $136,491
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $78,341 | $90,000 |
| Second mortgage | — | — |
| First P&I | $450.38 | $623.14 |
| Second P&I | — | — |
| Mortgage insurance | $59.56 | $18.00 |
| Taxes, insurance & HOA | $390.25 | $390.25 |
| Total housing payment | $900.19 | $1,031.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,659
Closing costs & prepaids$7,967
Usable credit−$0
Total buyer cash needed$29,626
Earnest money paid−$0
Remaining funds due$29,626
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,000.00
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)$720.75
Prepaid interest, first (2 days)$21.38
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 9 moOf the original 30-year loan at 4.980%
Interest already paid$17,222Through Nov 2026
Assumption only · ends Aug 2052$72,288
New conventional · ends Dec 2056$136,491