Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,109/mo
Lowest payment- Down payment
- $23,548
- Funds due
- $31,677
- Interest + MI left
- $81,462
- First ends
- May 2048
New loan
New conventional
$1,190/mo
+$81/mo- Down payment
- $14,590
- Funds due
- $20,829
- Interest + MI left
- $191,997
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $122,352 | $131,310 |
| Second mortgage | — | — |
| First P&I | $730.59 | $889.54 |
| Second P&I | — | — |
| Mortgage insurance | $104.33 | $26.26 |
| Taxes, insurance & HOA | $274.00 | $274.00 |
| Total housing payment | $1,108.92 | $1,189.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,548
Closing costs & prepaids$8,128
Usable credit−$0
Total buyer cash needed$31,677
Earnest money paid−$0
Remaining funds due$31,677
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,459.00
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)$372.00
Prepaid interest, first (5 days)$72.41
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 closing21 yr 5 moOf the original 30-year loan at 4.32%
Interest already paid$50,320Through Dec 2026
Assumption only · ends May 2048$81,462
New conventional · ends Jan 2057$191,997