Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,662/mo
Lowest payment- Down payment
- $28,939
- Funds due
- $38,047
- Interest + MI left
- $200,136
- First ends
- Nov 2052
New loan
New conventional
$1,738/mo
+$76/mo- Down payment
- $20,990
- Funds due
- $28,106
- Interest + MI left
- $286,495
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $180,961 | $188,910 |
| Second mortgage | — | — |
| First P&I | $1,134.44 | $1,307.97 |
| Second P&I | — | — |
| Mortgage insurance | $135.62 | $37.78 |
| Taxes, insurance & HOA | $391.83 | $391.83 |
| Total housing payment | $1,661.90 | $1,737.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,939
Closing costs & prepaids$9,108
Usable credit−$0
Total buyer cash needed$38,047
Earnest money paid−$0
Remaining funds due$38,047
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,099.00
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)$725.50
Prepaid interest, first (2 days)$58.40
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 closing26 yrOf the original 30-year loan at 5.890%
Interest already paid$43,946Through Nov 2026
Assumption only · ends Nov 2052$200,136
New conventional · ends Dec 2056$286,495