Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,169/mo
+$617/mo- Down payment
- $0
- Funds due
- $9,024
- Interest + MI left
- $346,599
- First ends
- Mar 2054
New loan
New conventional
$1,552/mo
Lowest payment- Down payment
- $21,000
- Funds due
- $27,902
- Interest + MI left
- $276,348
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $271,950 | $188,999 |
| Second mortgage | — | — |
| First P&I | $1,806.48 | $1,280.35 |
| Second P&I | — | — |
| Mortgage insurance | $128.71 | $37.80 |
| Taxes, insurance & HOA | $234.00 | $234.00 |
| Total housing payment | $2,169.19 | $1,552.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,024
Usable credit−$0
Total buyer cash needed$9,024
Earnest money paid−$0
Remaining funds due$9,024
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,099.99
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)$252.00
Prepaid interest, first (9 days)$447.27
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 3 moOf the original 30-year loan at 6.67%
Interest already paid$50,745Through Dec 2026
Assumption only · ends Mar 2054$346,599
New conventional · ends Jan 2057$276,348