Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,694/mo
Lowest payment- Down payment
- $20,999
- Funds due
- $31,150
- Interest + MI left
- $120,941
- First ends
- May 2055
New loan
New conventional
$1,755/mo
+$61/mo- Down payment
- $11,000
- Funds due
- $19,256
- Interest + MI left
- $144,754
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $89,001 | $99,000 |
| Second mortgage | — | — |
| First P&I | $587.95 | $670.66 |
| Second P&I | — | — |
| Mortgage insurance | $41.51 | $19.80 |
| Taxes, insurance & HOA | $1,064.50 | $1,064.50 |
| Total housing payment | $1,693.96 | $1,754.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,999
Closing costs & prepaids$10,151
Usable credit−$0
Total buyer cash needed$31,150
Earnest money paid−$0
Remaining funds due$31,150
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,100.00
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)$280.50
Initial HOA (3 months)$2,463.00
Prepaid interest, first (5 days)$82.42
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 5 moOf the original 30-year loan at 6.76%
Interest already paid$9,615Through Dec 2026
Assumption only · ends May 2055$120,941
New conventional · ends Jan 2057$144,754