Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,244/mo
+$161/mo- Down payment
- $0
- Funds due
- $8,033
- Interest + MI left
- $185,612
- First ends
- Oct 2053
New loan
New conventional
$1,083/mo
Lowest payment- Down payment
- $13,975
- Funds due
- $20,048
- Interest + MI left
- $183,904
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $141,390 | $125,775 |
| Second mortgage | — | — |
| First P&I | $970.87 | $852.04 |
| Second P&I | — | — |
| Mortgage insurance | $67.16 | $25.16 |
| Taxes, insurance & HOA | $205.92 | $205.92 |
| Total housing payment | $1,243.94 | $1,083.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,033
Usable credit−$0
Total buyer cash needed$8,033
Earnest money paid−$0
Remaining funds due$8,033
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,397.50
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)$167.75
Prepaid interest, first (9 days)$242.65
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 10 moOf the original 30-year loan at 6.96%
Interest already paid$31,763Through Dec 2026
Assumption only · ends Oct 2053$185,612
New conventional · ends Jan 2057$183,904