Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,972/mo
Lowest payment- Down payment
- $21,233
- Funds due
- $31,115
- Interest + MI left
- $247,422
- First ends
- Nov 2054
New loan
New conventional
$2,023/mo
+$50/mo- Down payment
- $21,990
- Funds due
- $29,863
- Interest + MI left
- $300,144
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $198,667 | $197,910 |
| Second mortgage | — | — |
| First P&I | $1,266.25 | $1,370.29 |
| Second P&I | — | — |
| Mortgage insurance | $93.27 | $39.58 |
| Taxes, insurance & HOA | $612.75 | $612.75 |
| Total housing payment | $1,972.27 | $2,022.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,233
Closing costs & prepaids$9,881
Usable credit−$0
Total buyer cash needed$31,115
Earnest money paid−$0
Remaining funds due$31,115
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,199.00
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)$176.25
Initial HOA (3 months)$1,212.00
Prepaid interest, first (2 days)$69.13
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 closing28 yrOf the original 30-year loan at 6.350%
Interest already paid$25,557Through Nov 2026
Assumption only · ends Nov 2054$247,422
New conventional · ends Dec 2056$300,144