Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,419/mo
+$36/mo- Down payment
- $10,790
- Funds due
- $19,354
- Interest + MI left
- $188,707
- First ends
- Nov 2054
New loan
New conventional
$1,383/mo
Lowest payment- Down payment
- $15,000
- Funds due
- $21,616
- Interest + MI left
- $204,737
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $139,210 | $135,000 |
| Second mortgage | — | — |
| First P&I | $932.37 | $934.71 |
| Second P&I | — | — |
| Mortgage insurance | $65.22 | $27.00 |
| Taxes, insurance & HOA | $421.25 | $421.25 |
| Total housing payment | $1,418.84 | $1,382.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,790
Closing costs & prepaids$8,565
Usable credit−$0
Total buyer cash needed$19,354
Earnest money paid−$0
Remaining funds due$19,354
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)$93.75
Initial HOA (3 months)$720.00
Prepaid interest, first (1 days)$26.13
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 closing28 yrOf the original 30-year loan at 6.850%
Interest already paid$19,296Through Nov 2026
Assumption only · ends Nov 2054$188,707
New conventional · ends Dec 2056$204,737