Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,608/mo
+$299/mo- Down payment
- $0
- Funds due
- $8,743
- Interest + MI left
- $220,973
- First ends
- Sep 2054
New loan
New conventional
$1,309/mo
Lowest payment- Down payment
- $14,000
- Funds due
- $20,748
- Interest + MI left
- $184,233
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $162,872 | $126,000 |
| Second mortgage | — | — |
| First P&I | $1,101.57 | $853.57 |
| Second P&I | — | — |
| Mortgage insurance | $76.51 | $25.20 |
| Taxes, insurance & HOA | $430.00 | $430.00 |
| Total housing payment | $1,608.07 | $1,308.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,743
Usable credit−$0
Total buyer cash needed$8,743
Earnest money paid−$0
Remaining funds due$8,743
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,400.00
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)$168.00
Initial HOA (3 months)$672.00
Prepaid interest, first (9 days)$277.91
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing27 yr 9 moOf the original 30-year loan at 6.92%
Interest already paid$25,694Through Dec 2026
Assumption only · ends Sep 2054$220,973
New conventional · ends Jan 2057$184,233