Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,801/mo
+$182/mo- Down payment
- $1,176
- Funds due
- $10,194
- Interest + MI left
- $252,338
- First ends
- Jan 2053
New loan
New conventional
$1,619/mo
Lowest payment- Down payment
- $22,000
- Funds due
- $29,020
- Interest + MI left
- $289,509
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $218,824 | $198,000 |
| Second mortgage | — | — |
| First P&I | $1,399.72 | $1,341.32 |
| Second P&I | — | — |
| Mortgage insurance | $163.44 | $39.60 |
| Taxes, insurance & HOA | $238.00 | $238.00 |
| Total housing payment | $1,801.16 | $1,618.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,176
Closing costs & prepaids$9,019
Usable credit−$0
Total buyer cash needed$10,194
Earnest money paid−$0
Remaining funds due$10,194
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,200.00
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)$264.00
Prepaid interest, first (9 days)$329.68
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 closing26 yr 1 moOf the original 30-year loan at 6.11%
Interest already paid$53,878Through Dec 2026
Assumption only · ends Jan 2053$252,338
New conventional · ends Jan 2057$289,509