Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,486/mo
+$591/mo- Down payment
- $0
- Funds due
- $7,775
- Interest + MI left
- $236,268
- First ends
- Jun 2054
New loan
New conventional
$895/mo
Lowest payment- Down payment
- $11,152
- Funds due
- $16,892
- Interest + MI left
- $146,755
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $180,389 | $100,368 |
| Second mortgage | — | — |
| First P&I | $1,206.11 | $679.93 |
| Second P&I | — | — |
| Mortgage insurance | $85.06 | $20.07 |
| Taxes, insurance & HOA | $194.58 | $194.58 |
| Total housing payment | $1,485.75 | $894.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,775
Usable credit−$0
Total buyer cash needed$7,775
Earnest money paid−$0
Remaining funds due$7,775
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,115.20
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)$133.75
Prepaid interest, first (9 days)$301.13
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 6 moOf the original 30-year loan at 6.77%
Interest already paid$30,997Through Dec 2026
Assumption only · ends Jun 2054$236,268
New conventional · ends Jan 2057$146,755