Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,511/mo
+$92/mo- Down payment
- $4,332
- Funds due
- $13,019
- Interest + MI left
- $205,900
- First ends
- May 2053
New loan
New conventional
$1,420/mo
Lowest payment- Down payment
- $18,400
- Funds due
- $25,119
- Interest + MI left
- $242,135
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $179,668 | $165,600 |
| Second mortgage | — | — |
| First P&I | $1,160.23 | $1,121.83 |
| Second P&I | — | — |
| Mortgage insurance | $86.27 | $33.12 |
| Taxes, insurance & HOA | $264.91 | $264.91 |
| Total housing payment | $1,511.41 | $1,419.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,332
Closing costs & prepaids$8,687
Usable credit−$0
Total buyer cash needed$13,019
Earnest money paid−$0
Remaining funds due$13,019
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,840.00
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)$220.75
Initial HOA (3 months)$123.99
Prepaid interest, first (9 days)$277.33
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5 moOf the original 30-year loan at 6.26%
Interest already paid$41,322Through Dec 2026
Assumption only · ends May 2053$205,900
New conventional · ends Jan 2057$242,135