Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,432/mo
+$469/mo- Down payment
- $0
- Funds due
- $7,859
- Interest + MI left
- $184,447
- First ends
- Mar 2053
New loan
New conventional
$964/mo
Lowest payment- Down payment
- $9,310
- Funds due
- $15,258
- Interest + MI left
- $127,073
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $141,039 | $83,790 |
| Second mortgage | — | — |
| First P&I | $961.16 | $580.15 |
| Second P&I | — | — |
| Mortgage insurance | $104.33 | $16.76 |
| Taxes, insurance & HOA | $366.92 | $366.92 |
| Total housing payment | $1,432.40 | $963.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,859
Usable credit−$0
Total buyer cash needed$7,859
Earnest money paid−$0
Remaining funds due$7,859
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$931.00
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)$650.75
Prepaid interest, first (2 days)$52.63
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 4 moOf the original 30-year loan at 6.810%
Interest already paid$36,047Through Nov 2026
Assumption only · ends Mar 2053$184,447
New conventional · ends Dec 2056$127,073