Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,376/mo
+$361/mo- Down payment
- $0
- Funds due
- $7,634
- Interest + MI left
- $204,054
- First ends
- Jan 2053
New loan
New conventional
$1,016/mo
Lowest payment- Down payment
- $13,500
- Funds due
- $19,189
- Interest + MI left
- $184,263
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $167,366 | $121,500 |
| Second mortgage | — | — |
| First P&I | $1,101.67 | $841.24 |
| Second P&I | — | — |
| Mortgage insurance | $124.49 | $24.30 |
| Taxes, insurance & HOA | $150.00 | $150.00 |
| Total housing payment | $1,376.17 | $1,015.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,634
Usable credit−$0
Total buyer cash needed$7,634
Earnest money paid−$0
Remaining funds due$7,634
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,350.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Prepaid interest, first (2 days)$58.88
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 2 moOf the original 30-year loan at 6.420%
Interest already paid$42,286Through Nov 2026
Assumption only · ends Jan 2053$204,054
New conventional · ends Dec 2056$184,263