Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,634/mo
Lowest payment- Down payment
- $23,403
- Funds due
- $32,612
- Interest + MI left
- $238,153
- First ends
- Feb 2055
New loan
New conventional
$1,635/mo
+$1/mo- Down payment
- $19,990
- Funds due
- $27,223
- Interest + MI left
- $263,058
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $176,497 | $179,910 |
| Second mortgage | — | — |
| First P&I | $1,171.70 | $1,218.77 |
| Second P&I | — | — |
| Mortgage insurance | $82.54 | $35.98 |
| Taxes, insurance & HOA | $380.00 | $380.00 |
| Total housing payment | $1,634.24 | $1,634.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,403
Closing costs & prepaids$9,209
Usable credit−$0
Total buyer cash needed$32,612
Earnest money paid−$0
Remaining funds due$32,612
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,999.00
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)$240.00
Initial HOA (3 months)$450.00
Prepaid interest, first (9 days)$295.06
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 2 moOf the original 30-year loan at 6.78%
Interest already paid$22,177Through Dec 2026
Assumption only · ends Feb 2055$238,153
New conventional · ends Jan 2057$263,058