Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,006/mo
+$269/mo- Down payment
- $0
- Funds due
- $9,311
- Interest + MI left
- $282,444
- First ends
- Jan 2054
New loan
New conventional
$1,737/mo
Lowest payment- Down payment
- $19,000
- Funds due
- $26,310
- Interest + MI left
- $259,333
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $192,856 | $171,000 |
| Second mortgage | — | — |
| First P&I | $1,396.35 | $1,183.97 |
| Second P&I | — | — |
| Mortgage insurance | $90.91 | $34.20 |
| Taxes, insurance & HOA | $518.58 | $518.58 |
| Total housing payment | $2,005.84 | $1,736.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,311
Usable credit−$0
Total buyer cash needed$9,311
Earnest money paid−$0
Remaining funds due$9,311
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,900.00
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)$115.75
Initial HOA (3 months)$990.00
Prepaid interest, first (2 days)$80.00
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 closing27 yr 2 moOf the original 30-year loan at 7.570%
Interest already paid$41,991Through Nov 2026
Assumption only · ends Jan 2054$282,444
New conventional · ends Dec 2056$259,333