Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,230/mo
Lowest payment- Down payment
- $15,964
- Funds due
- $24,090
- Interest + MI left
- $180,146
- First ends
- Nov 2054
New loan
New conventional
$1,258/mo
+$28/mo- Down payment
- $15,690
- Funds due
- $21,862
- Interest + MI left
- $214,154
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $140,936 | $141,210 |
| Second mortgage | — | — |
| First P&I | $911.88 | $977.71 |
| Second P&I | — | — |
| Mortgage insurance | $66.12 | $28.24 |
| Taxes, insurance & HOA | $252.25 | $252.25 |
| Total housing payment | $1,230.25 | $1,258.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,964
Closing costs & prepaids$8,126
Usable credit−$0
Total buyer cash needed$24,090
Earnest money paid−$0
Remaining funds due$24,090
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,569.00
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)$306.75
Prepaid interest, first (1 days)$25.10
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 closing28 yrOf the original 30-year loan at 6.500%
Interest already paid$18,552Through Nov 2026
Assumption only · ends Nov 2054$180,146
New conventional · ends Dec 2056$214,154