Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,611/mo
Lowest payment- Down payment
- $29,098
- Funds due
- $37,926
- Interest + MI left
- $216,306
- First ends
- Mar 2053
New loan
New conventional
$1,644/mo
+$34/mo- Down payment
- $20,700
- Funds due
- $27,528
- Interest + MI left
- $282,536
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $177,902 | $186,300 |
| Second mortgage | — | — |
| First P&I | $1,161.43 | $1,289.90 |
| Second P&I | — | — |
| Mortgage insurance | $132.08 | $37.26 |
| Taxes, insurance & HOA | $317.33 | $317.33 |
| Total housing payment | $1,610.84 | $1,644.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,098
Closing costs & prepaids$8,828
Usable credit−$0
Total buyer cash needed$37,926
Earnest money paid−$0
Remaining funds due$37,926
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,070.00
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)$502.00
Prepaid interest, first (1 days)$31.00
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 4 moOf the original 30-year loan at 6.360%
Interest already paid$42,546Through Nov 2026
Assumption only · ends Mar 2053$216,306
New conventional · ends Dec 2056$282,536