Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,448/mo
+$56/mo- Down payment
- $10,927
- Funds due
- $19,787
- Interest + MI left
- $187,859
- First ends
- Nov 2054
New loan
New conventional
$1,392/mo
Lowest payment- Down payment
- $15,000
- Funds due
- $21,914
- Interest + MI left
- $197,392
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $139,073 | $135,000 |
| Second mortgage | — | — |
| First P&I | $932.37 | $914.54 |
| Second P&I | — | — |
| Mortgage insurance | $65.22 | $27.00 |
| Taxes, insurance & HOA | $450.00 | $450.00 |
| Total housing payment | $1,447.59 | $1,391.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,927
Closing costs & prepaids$8,860
Usable credit−$0
Total buyer cash needed$19,787
Earnest money paid−$0
Remaining funds due$19,787
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,500.00
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
Initial HOA (3 months)$720.00
Prepaid interest, first (9 days)$234.90
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 11 moOf the original 30-year loan at 6.85%
Interest already paid$20,091Through Dec 2026
Assumption only · ends Nov 2054$187,859
New conventional · ends Jan 2057$197,392