Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,592/mo
Lowest payment- Down payment
- $29,883
- Funds due
- $38,825
- Interest + MI left
- $210,380
- First ends
- Aug 2053
New loan
New conventional
$1,686/mo
+$94/mo- Down payment
- $20,800
- Funds due
- $27,741
- Interest + MI left
- $283,901
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $178,117 | $187,200 |
| Second mortgage | — | — |
| First P&I | $1,154.72 | $1,296.13 |
| Second P&I | — | — |
| Mortgage insurance | $85.06 | $37.44 |
| Taxes, insurance & HOA | $352.00 | $352.00 |
| Total housing payment | $1,591.78 | $1,685.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,883
Closing costs & prepaids$8,942
Usable credit−$0
Total buyer cash needed$38,825
Earnest money paid−$0
Remaining funds due$38,825
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,080.00
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)$606.00
Prepaid interest, first (1 days)$30.99
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 9 moOf the original 30-year loan at 6.350%
Interest already paid$37,575Through Nov 2026
Assumption only · ends Aug 2053$210,380
New conventional · ends Dec 2056$283,901