Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,988/mo
+$636/mo- Down payment
- $0
- Funds due
- $8,647
- Interest + MI left
- $308,459
- First ends
- Sep 2053
New loan
New conventional
$1,352/mo
Lowest payment- Down payment
- $18,000
- Funds due
- $24,548
- Interest + MI left
- $236,871
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $245,666 | $162,000 |
| Second mortgage | — | — |
| First P&I | $1,649.02 | $1,097.44 |
| Second P&I | — | — |
| Mortgage insurance | $117.01 | $32.40 |
| Taxes, insurance & HOA | $222.00 | $222.00 |
| Total housing payment | $1,988.03 | $1,351.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,647
Usable credit−$0
Total buyer cash needed$8,647
Earnest money paid−$0
Remaining funds due$8,647
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,800.00
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)$216.00
Prepaid interest, first (9 days)$406.46
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 9 moOf the original 30-year loan at 6.71%
Interest already paid$54,688Through Dec 2026
Assumption only · ends Sep 2053$308,459
New conventional · ends Jan 2057$236,871