Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,244/mo
Lowest payment- Down payment
- $5,518
- Funds due
- $13,799
- Interest + MI left
- $93,427
- First ends
- Jun 2049
New loan
New conventional
$1,256/mo
+$12/mo- Down payment
- $14,000
- Funds due
- $20,361
- Interest + MI left
- $191,087
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $134,482 | $126,000 |
| Second mortgage | — | — |
| First P&I | $774.20 | $872.40 |
| Second P&I | — | — |
| Mortgage insurance | $111.21 | $25.20 |
| Taxes, insurance & HOA | $358.17 | $358.17 |
| Total housing payment | $1,243.58 | $1,255.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,518
Closing costs & prepaids$8,281
Usable credit−$0
Total buyer cash needed$13,799
Earnest money paid−$0
Remaining funds due$13,799
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,400.00
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)$624.50
Prepaid interest, first (2 days)$31.47
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 closing22 yr 7 moOf the original 30-year loan at 4.270%
Interest already paid$46,383Through Nov 2026
Assumption only · ends Jun 2049$93,427
New conventional · ends Dec 2056$191,087