Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,818/mo
+$389/mo- Down payment
- $0
- Funds due
- $8,571
- Interest + MI left
- $281,823
- First ends
- Jan 2054
New loan
New conventional
$1,429/mo
Lowest payment- Down payment
- $17,000
- Funds due
- $23,584
- Interest + MI left
- $232,035
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $190,997 | $153,000 |
| Second mortgage | — | — |
| First P&I | $1,389.27 | $1,059.34 |
| Second P&I | — | — |
| Mortgage insurance | $90.01 | $30.60 |
| Taxes, insurance & HOA | $338.92 | $338.92 |
| Total housing payment | $1,818.19 | $1,428.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,571
Usable credit−$0
Total buyer cash needed$8,571
Earnest money paid−$0
Remaining funds due$8,571
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,700.00
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)$566.75
Prepaid interest, first (2 days)$79.75
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 7.620%
Interest already paid$41,855Through Nov 2026
Assumption only · ends Jan 2054$281,823
New conventional · ends Dec 2056$232,035