Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,848/mo
+$54/mo- Down payment
- $17,167
- Funds due
- $26,278
- Interest + MI left
- $268,206
- First ends
- Sep 2053
New loan
New conventional
$1,794/mo
Lowest payment- Down payment
- $23,000
- Funds due
- $30,087
- Interest + MI left
- $313,928
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $212,832 | $206,999 |
| Second mortgage | — | — |
| First P&I | $1,427.04 | $1,433.22 |
| Second P&I | — | — |
| Mortgage insurance | $101.26 | $41.40 |
| Taxes, insurance & HOA | $319.33 | $319.33 |
| Total housing payment | $1,847.63 | $1,793.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,167
Closing costs & prepaids$9,111
Usable credit−$0
Total buyer cash needed$26,278
Earnest money paid−$0
Remaining funds due$26,278
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,299.99
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)$508.00
Prepaid interest, first (2 days)$78.25
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 10 moOf the original 30-year loan at 6.710%
Interest already paid$46,136Through Nov 2026
Assumption only · ends Sep 2053$268,206
New conventional · ends Dec 2056$313,928