Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,335/mo
Lowest payment- Down payment
- $28,687
- Funds due
- $37,213
- Interest + MI left
- $209,019
- First ends
- Sep 2054
New loan
New conventional
$1,365/mo
+$30/mo- Down payment
- $18,200
- Funds due
- $24,771
- Interest + MI left
- $239,503
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $153,313 | $163,800 |
| Second mortgage | — | — |
| First P&I | $1,039.93 | $1,109.64 |
| Second P&I | — | — |
| Mortgage insurance | $72.01 | $32.76 |
| Taxes, insurance & HOA | $222.83 | $222.83 |
| Total housing payment | $1,334.77 | $1,365.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,687
Closing costs & prepaids$8,526
Usable credit−$0
Total buyer cash needed$37,213
Earnest money paid−$0
Remaining funds due$37,213
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,820.00
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)$218.50
Prepaid interest, first (9 days)$262.73
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 9 moOf the original 30-year loan at 6.95%
Interest already paid$24,289Through Dec 2026
Assumption only · ends Sep 2054$209,019
New conventional · ends Jan 2057$239,503