Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,581/mo
Lowest payment- Down payment
- $28,953
- Funds due
- $37,731
- Interest + MI left
- $245,043
- First ends
- Dec 2054
New loan
New conventional
$1,667/mo
+$86/mo- Down payment
- $22,000
- Funds due
- $28,764
- Interest + MI left
- $300,280
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $191,047 | $198,000 |
| Second mortgage | — | — |
| First P&I | $1,234.81 | $1,370.91 |
| Second P&I | — | — |
| Mortgage insurance | $89.54 | $39.60 |
| Taxes, insurance & HOA | $256.25 | $256.25 |
| Total housing payment | $1,580.60 | $1,666.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,953
Closing costs & prepaids$8,778
Usable credit−$0
Total buyer cash needed$37,731
Earnest money paid−$0
Remaining funds due$37,731
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,200.00
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)$318.75
Prepaid interest, first (1 days)$34.02
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 closing28 yr 1 moOf the original 30-year loan at 6.500%
Interest already paid$24,087Through Nov 2026
Assumption only · ends Dec 2054$245,043
New conventional · ends Dec 2056$300,280