Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,771/mo
Lowest payment- Down payment
- $32,912
- Funds due
- $42,202
- Interest + MI left
- $235,740
- First ends
- Jun 2053
New loan
New conventional
$1,872/mo
+$100/mo- Down payment
- $23,500
- Funds due
- $30,771
- Interest + MI left
- $320,754
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $202,088 | $211,500 |
| Second mortgage | — | — |
| First P&I | $1,309.44 | $1,464.38 |
| Second P&I | — | — |
| Mortgage insurance | $96.76 | $42.30 |
| Taxes, insurance & HOA | $364.92 | $364.92 |
| Total housing payment | $1,771.11 | $1,871.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,912
Closing costs & prepaids$9,290
Usable credit−$0
Total buyer cash needed$42,202
Earnest money paid−$0
Remaining funds due$42,202
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,350.00
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)$644.75
Prepaid interest, first (2 days)$69.98
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 7 moOf the original 30-year loan at 6.320%
Interest already paid$44,670Through Nov 2026
Assumption only · ends Jun 2053$235,740
New conventional · ends Dec 2056$320,754