Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,847/mo
+$114/mo- Down payment
- $11,442
- Funds due
- $21,079
- Interest + MI left
- $168,770
- First ends
- Sep 2050
New loan
New conventional
$1,733/mo
Lowest payment- Down payment
- $16,750
- Funds due
- $24,425
- Interest + MI left
- $220,421
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $156,058 | $150,750 |
| Second mortgage | — | — |
| First P&I | $1,092.51 | $1,021.23 |
| Second P&I | — | — |
| Mortgage insurance | $73.01 | $30.15 |
| Taxes, insurance & HOA | $681.42 | $681.42 |
| Total housing payment | $1,846.94 | $1,732.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,442
Closing costs & prepaids$9,637
Usable credit−$0
Total buyer cash needed$21,079
Earnest money paid−$0
Remaining funds due$21,079
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,675.00
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)$427.25
Initial HOA (3 months)$1,167.00
Prepaid interest, first (5 days)$142.59
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 closing23 yr 9 moOf the original 25-year loan at 6.67%
Interest already paid$13,157Through Dec 2026
Assumption only · ends Sep 2050$168,770
New conventional · ends Jan 2057$220,421