Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,868/mo
+$369/mo- Down payment
- $0
- Funds due
- $8,859
- Interest + MI left
- $279,459
- First ends
- Jul 2053
New loan
New conventional
$1,499/mo
Lowest payment- Down payment
- $20,200
- Funds due
- $27,007
- Interest + MI left
- $265,822
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $230,678 | $181,800 |
| Second mortgage | — | — |
| First P&I | $1,526.85 | $1,231.58 |
| Second P&I | — | — |
| Mortgage insurance | $110.26 | $36.36 |
| Taxes, insurance & HOA | $230.83 | $230.83 |
| Total housing payment | $1,867.94 | $1,498.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,859
Usable credit−$0
Total buyer cash needed$8,859
Earnest money paid−$0
Remaining funds due$8,859
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,020.00
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)$242.50
Prepaid interest, first (9 days)$371.99
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 7 moOf the original 30-year loan at 6.54%
Interest already paid$52,717Through Dec 2026
Assumption only · ends Jul 2053$279,459
New conventional · ends Jan 2057$265,822