Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,552/mo
+$12/mo- Down payment
- $19,737
- Funds due
- $28,570
- Interest + MI left
- $232,161
- First ends
- Jan 2055
New loan
New conventional
$1,540/mo
Lowest payment- Down payment
- $19,500
- Funds due
- $26,350
- Interest + MI left
- $256,610
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $175,263 | $175,500 |
| Second mortgage | — | — |
| First P&I | $1,154.38 | $1,188.90 |
| Second P&I | — | — |
| Mortgage insurance | $82.08 | $35.10 |
| Taxes, insurance & HOA | $315.75 | $315.75 |
| Total housing payment | $1,552.20 | $1,539.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,737
Closing costs & prepaids$8,833
Usable credit−$0
Total buyer cash needed$28,570
Earnest money paid−$0
Remaining funds due$28,570
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,950.00
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)$497.25
Prepaid interest, first (5 days)$160.62
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 1 moOf the original 30-year loan at 6.69%
Interest already paid$22,734Through Dec 2026
Assumption only · ends Jan 2055$232,161
New conventional · ends Jan 2057$256,610