Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,843/mo
+$498/mo- Down payment
- $0
- Funds due
- $8,366
- Interest + MI left
- $271,682
- First ends
- Aug 2053
New loan
New conventional
$1,345/mo
Lowest payment- Down payment
- $16,490
- Funds due
- $22,871
- Interest + MI left
- $225,074
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $216,375 | $148,410 |
| Second mortgage | — | — |
| First P&I | $1,452.41 | $1,027.56 |
| Second P&I | — | — |
| Mortgage insurance | $103.06 | $29.68 |
| Taxes, insurance & HOA | $287.33 | $287.33 |
| Total housing payment | $1,842.80 | $1,344.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,366
Usable credit−$0
Total buyer cash needed$8,366
Earnest money paid−$0
Remaining funds due$8,366
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,649.00
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)$412.00
Prepaid interest, first (2 days)$79.56
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 closing26 yr 9 moOf the original 30-year loan at 6.710%
Interest already paid$48,167Through Nov 2026
Assumption only · ends Aug 2053$271,682
New conventional · ends Dec 2056$225,074