Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,099/mo
Lowest payment- Down payment
- $22,379
- Funds due
- $30,415
- Interest + MI left
- $147,681
- First ends
- May 2053
New loan
New conventional
$1,151/mo
+$51/mo- Down payment
- $14,990
- Funds due
- $21,103
- Interest + MI left
- $197,261
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $127,521 | $134,910 |
| Second mortgage | — | — |
| First P&I | $828.29 | $913.93 |
| Second P&I | — | — |
| Mortgage insurance | $61.20 | $26.98 |
| Taxes, insurance & HOA | $210.00 | $210.00 |
| Total housing payment | $1,099.50 | $1,150.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,379
Closing costs & prepaids$8,036
Usable credit−$0
Total buyer cash needed$30,415
Earnest money paid−$0
Remaining funds due$30,415
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,499.00
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)$180.00
Prepaid interest, first (6 days)$132.48
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 closing26 yr 5 moOf the original 30-year loan at 6.32%
Interest already paid$29,602Through Dec 2026
Assumption only · ends May 2053$147,681
New conventional · ends Jan 2057$197,261