Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,518/mo
+$492/mo- Down payment
- $0
- Funds due
- $7,722
- Interest + MI left
- $241,177
- First ends
- Nov 2053
New loan
New conventional
$1,026/mo
Lowest payment- Down payment
- $13,000
- Funds due
- $18,770
- Interest + MI left
- $177,438
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $179,201 | $117,000 |
| Second mortgage | — | — |
| First P&I | $1,240.76 | $810.08 |
| Second P&I | — | — |
| Mortgage insurance | $84.88 | $23.40 |
| Taxes, insurance & HOA | $192.67 | $192.67 |
| Total housing payment | $1,518.30 | $1,026.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,722
Usable credit−$0
Total buyer cash needed$7,722
Earnest money paid−$0
Remaining funds due$7,722
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,300.00
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)$128.00
Prepaid interest, first (2 days)$69.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 yrOf the original 30-year loan at 7.070%
Interest already paid$38,683Through Nov 2026
Assumption only · ends Nov 2053$241,177
New conventional · ends Dec 2056$177,438