Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,049/mo
+$863/mo- Down payment
- $0
- Funds due
- $6,300
- Interest + MI left
- $42,850
- First ends
- Dec 2039
New loan
New conventional
$186/mo
Lowest payment- Down payment
- $500
- Funds due
- $4,983
- Interest + MI left
- $6,825
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $90,972 | $4,500 |
| Second mortgage | — | — |
| First P&I | $790.65 | $31.16 |
| Second P&I | — | — |
| Mortgage insurance | $104.33 | $0.90 |
| Taxes, insurance & HOA | $154.17 | $154.17 |
| Total housing payment | $1,049.14 | $186.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$6,300
Usable credit−$0
Total buyer cash needed$6,300
Earnest money paid−$0
Remaining funds due$6,300
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$50.00
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)$12.50
Prepaid interest, first (1 days)$12.46
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 closing13 yr 1 moOf the original 30-year loan at 5.000%
Interest already paid$104,190Through Nov 2026
Assumption only · ends Dec 2039$42,850
New conventional · ends Dec 2056$6,825