Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,391/mo
+$39/mo- Down payment
- $22,962
- Funds due
- $31,389
- Interest + MI left
- $221,925
- First ends
- Jul 2054
New loan
New conventional
$1,352/mo
Lowest payment- Down payment
- $18,000
- Funds due
- $24,452
- Interest + MI left
- $236,871
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $157,038 | $162,000 |
| Second mortgage | — | — |
| First P&I | $1,095.23 | $1,097.44 |
| Second P&I | — | — |
| Mortgage insurance | $73.80 | $32.40 |
| Taxes, insurance & HOA | $222.00 | $222.00 |
| Total housing payment | $1,391.03 | $1,351.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,962
Closing costs & prepaids$8,427
Usable credit−$0
Total buyer cash needed$31,389
Earnest money paid−$0
Remaining funds due$31,389
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,800.00
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)$216.00
Prepaid interest, first (6 days)$186.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 7 moOf the original 30-year loan at 7.22%
Interest already paid$27,771Through Dec 2026
Assumption only · ends Jul 2054$221,925
New conventional · ends Jan 2057$236,871