Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,571/mo
Lowest payment- Down payment
- $25,117
- Funds due
- $34,099
- Interest + MI left
- $232,129
- First ends
- Apr 2054
New loan
New conventional
$1,576/mo
+$5/mo- Down payment
- $20,600
- Funds due
- $27,606
- Interest + MI left
- $271,084
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $180,882 | $185,399 |
| Second mortgage | — | — |
| First P&I | $1,202.58 | $1,255.96 |
| Second P&I | — | — |
| Mortgage insurance | $85.51 | $37.08 |
| Taxes, insurance & HOA | $282.84 | $282.84 |
| Total housing payment | $1,570.92 | $1,575.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,117
Closing costs & prepaids$8,982
Usable credit−$0
Total buyer cash needed$34,099
Earnest money paid−$0
Remaining funds due$34,099
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)$247.25
Initial HOA (3 months)$151.26
Prepaid interest, first (9 days)$298.38
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 closing27 yr 4 moOf the original 30-year loan at 6.69%
Interest already paid$32,806Through Dec 2026
Assumption only · ends Apr 2054$232,129
New conventional · ends Jan 2057$271,084