Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,555/mo
+$102/mo- Down payment
- $8,835
- Funds due
- $17,594
- Interest + MI left
- $218,881
- First ends
- May 2053
New loan
New conventional
$1,453/mo
Lowest payment- Down payment
- $18,900
- Funds due
- $25,678
- Interest + MI left
- $248,714
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $180,165 | $170,100 |
| Second mortgage | — | — |
| First P&I | $1,202.19 | $1,152.32 |
| Second P&I | — | — |
| Mortgage insurance | $86.27 | $34.02 |
| Taxes, insurance & HOA | $266.91 | $266.91 |
| Total housing payment | $1,555.37 | $1,453.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,835
Closing costs & prepaids$8,759
Usable credit−$0
Total buyer cash needed$17,594
Earnest money paid−$0
Remaining funds due$17,594
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,890.00
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)$226.75
Initial HOA (3 months)$123.99
Prepaid interest, first (9 days)$293.20
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 6.6%
Interest already paid$43,623Through Dec 2026
Assumption only · ends May 2053$218,881
New conventional · ends Jan 2057$248,714