Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,630/mo
+$405/mo- Down payment
- $0
- Funds due
- $8,044
- Interest + MI left
- $238,590
- First ends
- Jun 2053
New loan
New conventional
$1,225/mo
Lowest payment- Down payment
- $16,000
- Funds due
- $22,071
- Interest + MI left
- $218,386
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $206,690 | $144,000 |
| Second mortgage | — | — |
| First P&I | $1,331.45 | $997.03 |
| Second P&I | — | — |
| Mortgage insurance | $99.01 | $28.80 |
| Taxes, insurance & HOA | $199.25 | $199.25 |
| Total housing payment | $1,629.70 | $1,225.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,044
Usable credit−$0
Total buyer cash needed$8,044
Earnest money paid−$0
Remaining funds due$8,044
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,600.00
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)$147.75
Prepaid interest, first (2 days)$70.90
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 7 moOf the original 30-year loan at 6.260%
Interest already paid$45,265Through Nov 2026
Assumption only · ends Jun 2053$238,590
New conventional · ends Dec 2056$218,386