Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,519/mo
Lowest payment- Down payment
- $24,924
- Funds due
- $33,485
- Interest + MI left
- $233,204
- First ends
- Apr 2054
New loan
New conventional
$1,552/mo
+$33/mo- Down payment
- $20,600
- Funds due
- $27,160
- Interest + MI left
- $281,170
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $181,075 | $185,399 |
| Second mortgage | — | — |
| First P&I | $1,202.58 | $1,283.67 |
| Second P&I | — | — |
| Mortgage insurance | $85.51 | $37.08 |
| Taxes, insurance & HOA | $231.09 | $231.09 |
| Total housing payment | $1,519.17 | $1,551.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,924
Closing costs & prepaids$8,561
Usable credit−$0
Total buyer cash needed$33,485
Earnest money paid−$0
Remaining funds due$33,485
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,059.99
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)$92.00
Initial HOA (3 months)$151.26
Prepaid interest, first (1 days)$33.19
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 closing27 yr 5 moOf the original 30-year loan at 6.690%
Interest already paid$31,797Through Nov 2026
Assumption only · ends Apr 2054$233,204
New conventional · ends Dec 2056$281,170