Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,841/mo
Lowest payment- Down payment
- $32,767
- Funds due
- $42,223
- Interest + MI left
- $238,859
- First ends
- May 2053
New loan
New conventional
$1,918/mo
+$77/mo- Down payment
- $23,200
- Funds due
- $30,638
- Interest + MI left
- $316,659
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $199,233 | $208,800 |
| Second mortgage | — | — |
| First P&I | $1,315.19 | $1,445.69 |
| Second P&I | — | — |
| Mortgage insurance | $95.37 | $41.76 |
| Taxes, insurance & HOA | $430.17 | $430.17 |
| Total housing payment | $1,840.73 | $1,917.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,767
Closing costs & prepaids$9,456
Usable credit−$0
Total buyer cash needed$42,223
Earnest money paid−$0
Remaining funds due$42,223
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,320.00
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)$840.50
Prepaid interest, first (2 days)$70.96
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 6 moOf the original 30-year loan at 6.500%
Interest already paid$46,394Through Nov 2026
Assumption only · ends May 2053$238,859
New conventional · ends Dec 2056$316,659