Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,073/mo
+$254/mo- Down payment
- $0
- Funds due
- $9,442
- Interest + MI left
- $312,485
- First ends
- Jun 2053
New loan
New conventional
$1,819/mo
Lowest payment- Down payment
- $25,000
- Funds due
- $32,373
- Interest + MI left
- $328,987
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $254,136 | $225,000 |
| Second mortgage | — | — |
| First P&I | $1,701.91 | $1,524.23 |
| Second P&I | — | — |
| Mortgage insurance | $121.51 | $45.00 |
| Taxes, insurance & HOA | $250.00 | $250.00 |
| Total housing payment | $2,073.41 | $1,819.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,442
Usable credit−$0
Total buyer cash needed$9,442
Earnest money paid−$0
Remaining funds due$9,442
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$300.00
Prepaid interest, first (9 days)$416.71
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 6 moOf the original 30-year loan at 6.65%
Interest already paid$60,507Through Dec 2026
Assumption only · ends Jun 2053$312,485
New conventional · ends Jan 2057$328,987