Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,868/mo
+$186/mo- Down payment
- $11,990
- Funds due
- $21,170
- Interest + MI left
- $296,784
- First ends
- Nov 2053
New loan
New conventional
$1,682/mo
Lowest payment- Down payment
- $22,950
- Funds due
- $30,082
- Interest + MI left
- $302,010
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $217,510 | $206,550 |
| Second mortgage | — | — |
| First P&I | $1,523.23 | $1,399.24 |
| Second P&I | — | — |
| Mortgage insurance | $103.06 | $41.31 |
| Taxes, insurance & HOA | $241.83 | $241.83 |
| Total housing payment | $1,868.12 | $1,682.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,990
Closing costs & prepaids$9,181
Usable credit−$0
Total buyer cash needed$21,170
Earnest money paid−$0
Remaining funds due$21,170
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,295.00
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)$275.50
Prepaid interest, first (9 days)$385.08
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 11 moOf the original 30-year loan at 7.18%
Interest already paid$49,018Through Dec 2026
Assumption only · ends Nov 2053$296,784
New conventional · ends Jan 2057$302,010