Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,202/mo
Lowest payment- Down payment
- $17,940
- Funds due
- $26,246
- Interest + MI left
- $163,452
- First ends
- Nov 2055
New loan
New conventional
$1,257/mo
+$55/mo- Down payment
- $13,900
- Funds due
- $20,274
- Interest + MI left
- $189,723
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $121,060 | $125,100 |
| Second mortgage | — | — |
| First P&I | $780.15 | $866.17 |
| Second P&I | — | — |
| Mortgage insurance | $56.10 | $25.02 |
| Taxes, insurance & HOA | $365.92 | $365.92 |
| Total housing payment | $1,202.17 | $1,257.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,940
Closing costs & prepaids$8,306
Usable credit−$0
Total buyer cash needed$26,246
Earnest money paid−$0
Remaining funds due$26,246
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,390.00
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)$482.75
Initial HOA (3 months)$165.00
Prepaid interest, first (2 days)$43.65
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 closing29 yrOf the original 30-year loan at 6.580%
Interest already paid$8,014Through Nov 2026
Assumption only · ends Nov 2055$163,452
New conventional · ends Dec 2056$189,723