Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,543/mo
Lowest payment- Down payment
- $28,551
- Funds due
- $37,159
- Interest + MI left
- $247,921
- First ends
- Oct 2054
New loan
New conventional
$1,579/mo
+$37/mo- Down payment
- $21,000
- Funds due
- $27,602
- Interest + MI left
- $286,631
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $181,449 | $189,000 |
| Second mortgage | — | — |
| First P&I | $1,224.79 | $1,308.60 |
| Second P&I | — | — |
| Mortgage insurance | $85.06 | $37.80 |
| Taxes, insurance & HOA | $232.75 | $232.75 |
| Total housing payment | $1,542.61 | $1,579.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,551
Closing costs & prepaids$8,608
Usable credit−$0
Total buyer cash needed$37,159
Earnest money paid−$0
Remaining funds due$37,159
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,100.00
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)$248.25
Prepaid interest, first (1 days)$34.40
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.920%
Interest already paid$26,477Through Nov 2026
Assumption only · ends Oct 2054$247,921
New conventional · ends Dec 2056$286,631