Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,277/mo
Lowest payment- Down payment
- $18,066
- Funds due
- $26,267
- Interest + MI left
- $194,875
- First ends
- Dec 2054
New loan
New conventional
$1,314/mo
+$37/mo- Down payment
- $17,000
- Funds due
- $23,239
- Interest + MI left
- $232,035
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $151,934 | $153,000 |
| Second mortgage | — | — |
| First P&I | $982.01 | $1,059.34 |
| Second P&I | — | — |
| Mortgage insurance | $71.21 | $30.60 |
| Taxes, insurance & HOA | $223.83 | $223.83 |
| Total housing payment | $1,277.05 | $1,313.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,066
Closing costs & prepaids$8,201
Usable credit−$0
Total buyer cash needed$26,267
Earnest money paid−$0
Remaining funds due$26,267
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,700.00
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)$131.50
Initial HOA (3 months)$90.00
Prepaid interest, first (2 days)$54.11
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 closing28 yr 1 moOf the original 30-year loan at 6.500%
Interest already paid$19,156Through Nov 2026
Assumption only · ends Dec 2054$194,875
New conventional · ends Dec 2056$232,035