Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,019/mo
+$276/mo- Down payment
- $4,854
- Funds due
- $14,211
- Interest + MI left
- $295,240
- First ends
- Jan 2053
New loan
New conventional
$1,743/mo
Lowest payment- Down payment
- $22,990
- Funds due
- $30,300
- Interest + MI left
- $302,537
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $225,046 | $206,910 |
| Second mortgage | — | — |
| First P&I | $1,551.94 | $1,401.68 |
| Second P&I | — | — |
| Mortgage insurance | $166.91 | $41.38 |
| Taxes, insurance & HOA | $300.00 | $300.00 |
| Total housing payment | $2,018.85 | $1,743.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,854
Closing costs & prepaids$9,357
Usable credit−$0
Total buyer cash needed$14,211
Earnest money paid−$0
Remaining funds due$14,211
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,299.00
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)$276.00
Initial HOA (3 months)$174.00
Prepaid interest, first (9 days)$382.89
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 closing26 yr 1 moOf the original 30-year loan at 6.9%
Interest already paid$62,345Through Dec 2026
Assumption only · ends Jan 2053$295,240
New conventional · ends Jan 2057$302,537