Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,987/mo
+$735/mo- Down payment
- $0
- Funds due
- $8,473
- Interest + MI left
- $298,373
- First ends
- May 2053
New loan
New conventional
$1,252/mo
Lowest payment- Down payment
- $16,500
- Funds due
- $22,871
- Interest + MI left
- $217,132
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $249,784 | $148,500 |
| Second mortgage | — | — |
| First P&I | $1,650.85 | $1,005.99 |
| Second P&I | — | — |
| Mortgage insurance | $119.71 | $29.70 |
| Taxes, insurance & HOA | $216.00 | $216.00 |
| Total housing payment | $1,986.56 | $1,251.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,473
Usable credit−$0
Total buyer cash needed$8,473
Earnest money paid−$0
Remaining funds due$8,473
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,650.00
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)$198.00
Prepaid interest, first (9 days)$400.34
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 5 moOf the original 30-year loan at 6.5%
Interest already paid$59,588Through Dec 2026
Assumption only · ends May 2053$298,373
New conventional · ends Jan 2057$217,132