Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,238/mo
+$348/mo- Down payment
- $0
- Funds due
- $7,874
- Interest + MI left
- $169,416
- First ends
- Jul 2054
New loan
New conventional
$890/mo
Lowest payment- Down payment
- $8,900
- Funds due
- $14,813
- Interest + MI left
- $117,119
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $124,343 | $80,100 |
| Second mortgage | — | — |
| First P&I | $848.37 | $542.63 |
| Second P&I | — | — |
| Mortgage insurance | $58.50 | $16.02 |
| Taxes, insurance & HOA | $331.58 | $331.58 |
| Total housing payment | $1,238.46 | $890.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,874
Usable credit−$0
Total buyer cash needed$7,874
Earnest money paid−$0
Remaining funds due$7,874
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$890.00
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)$106.75
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$214.31
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 7 moOf the original 30-year loan at 6.99%
Interest already paid$21,301Through Dec 2026
Assumption only · ends Jul 2054$169,416
New conventional · ends Jan 2057$117,119