Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,388/mo
Lowest payment- Down payment
- $13,193
- Funds due
- $22,348
- Interest + MI left
- $148,425
- First ends
- Nov 2055
New loan
New conventional
$1,786/mo
+$398/mo- Down payment
- $24,500
- Funds due
- $31,814
- Interest + MI left
- $322,407
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $231,807 | $220,500 |
| Second mortgage | — | — |
| First P&I | $1,031.23 | $1,493.74 |
| Second P&I | — | — |
| Mortgage insurance | $108.60 | $44.10 |
| Taxes, insurance & HOA | $248.00 | $248.00 |
| Total housing payment | $1,387.84 | $1,785.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,193
Closing costs & prepaids$9,155
Usable credit−$0
Total buyer cash needed$22,348
Earnest money paid−$0
Remaining funds due$22,348
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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)$294.00
Prepaid interest, first (9 days)$185.76
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 closing28 yr 11 moOf the original 30-year loan at 3.25%
Interest already paid$8,260Through Dec 2026
Assumption only · ends Nov 2055$148,425
New conventional · ends Jan 2057$322,407