Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,836/mo
+$548/mo- Down payment
- $0
- Funds due
- $8,775
- Interest + MI left
- $232,198
- First ends
- Jul 2053
New loan
New conventional
$1,288/mo
Lowest payment- Down payment
- $13,300
- Funds due
- $20,043
- Interest + MI left
- $175,021
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $198,360 | $119,700 |
| Second mortgage | — | — |
| First P&I | $1,287.78 | $810.89 |
| Second P&I | — | — |
| Mortgage insurance | $94.96 | $23.94 |
| Taxes, insurance & HOA | $453.17 | $453.17 |
| Total housing payment | $1,835.91 | $1,288.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,775
Usable credit−$0
Total buyer cash needed$8,775
Earnest money paid−$0
Remaining funds due$8,775
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,330.00
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)$159.50
Initial HOA (3 months)$750.00
Prepaid interest, first (9 days)$310.09
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 6.34%
Interest already paid$43,981Through Dec 2026
Assumption only · ends Jul 2053$232,198
New conventional · ends Jan 2057$175,021