Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,002/mo
+$314/mo- Down payment
- $0
- Funds due
- $9,036
- Interest + MI left
- $292,612
- First ends
- Dec 2053
New loan
New conventional
$1,688/mo
Lowest payment- Down payment
- $19,990
- Funds due
- $27,021
- Interest + MI left
- $272,846
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $214,923 | $179,910 |
| Second mortgage | — | — |
| First P&I | $1,493.61 | $1,245.66 |
| Second P&I | — | — |
| Mortgage insurance | $101.66 | $35.98 |
| Taxes, insurance & HOA | $406.67 | $406.67 |
| Total housing payment | $2,001.93 | $1,688.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,036
Usable credit−$0
Total buyer cash needed$9,036
Earnest money paid−$0
Remaining funds due$9,036
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,999.00
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)$770.00
Prepaid interest, first (1 days)$41.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 yr 1 moOf the original 30-year loan at 7.120%
Interest already paid$45,392Through Nov 2026
Assumption only · ends Dec 2053$292,612
New conventional · ends Dec 2056$272,846