Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,527/mo
Lowest payment- Down payment
- $22,048
- Funds due
- $30,581
- Interest + MI left
- $223,808
- First ends
- Apr 2053
New loan
New conventional
$1,565/mo
+$38/mo- Down payment
- $21,700
- Funds due
- $28,228
- Interest + MI left
- $296,186
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $194,952 | $195,300 |
| Second mortgage | — | — |
| First P&I | $1,260.15 | $1,352.22 |
| Second P&I | — | — |
| Mortgage insurance | $93.61 | $39.06 |
| Taxes, insurance & HOA | $173.67 | $173.67 |
| Total housing payment | $1,527.42 | $1,564.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,048
Closing costs & prepaids$8,533
Usable credit−$0
Total buyer cash needed$30,581
Earnest money paid−$0
Remaining funds due$30,581
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,170.00
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)$71.00
Prepaid interest, first (2 days)$66.98
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 yr 5 moOf the original 30-year loan at 6.270%
Interest already paid$44,906Through Nov 2026
Assumption only · ends Apr 2053$223,808
New conventional · ends Dec 2056$296,186