Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,518/mo
Lowest payment- Down payment
- $18,448
- Funds due
- $27,303
- Interest + MI left
- $180,713
- First ends
- Jun 2053
New loan
New conventional
$1,557/mo
+$39/mo- Down payment
- $17,500
- Funds due
- $24,386
- Interest + MI left
- $238,858
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $156,551 | $157,499 |
| Second mortgage | — | — |
| First P&I | $1,008.46 | $1,090.49 |
| Second P&I | — | — |
| Mortgage insurance | $74.99 | $31.50 |
| Taxes, insurance & HOA | $434.58 | $434.58 |
| Total housing payment | $1,518.04 | $1,556.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,448
Closing costs & prepaids$8,856
Usable credit−$0
Total buyer cash needed$27,303
Earnest money paid−$0
Remaining funds due$27,303
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,749.99
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)$118.75
Initial HOA (3 months)$735.00
Prepaid interest, first (1 days)$26.85
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 7 moOf the original 30-year loan at 6.260%
Interest already paid$34,284Through Nov 2026
Assumption only · ends Jun 2053$180,713
New conventional · ends Dec 2056$238,858