Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,120/mo
+$274/mo- Down payment
- $0
- Funds due
- $9,281
- Interest + MI left
- $326,171
- First ends
- Jul 2054
New loan
New conventional
$1,846/mo
Lowest payment- Down payment
- $22,500
- Funds due
- $29,752
- Interest + MI left
- $307,105
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $231,798 | $202,500 |
| Second mortgage | — | — |
| First P&I | $1,607.42 | $1,402.07 |
| Second P&I | — | — |
| Mortgage insurance | $108.86 | $40.50 |
| Taxes, insurance & HOA | $403.50 | $403.50 |
| Total housing payment | $2,119.78 | $1,846.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,281
Usable credit−$0
Total buyer cash needed$9,281
Earnest money paid−$0
Remaining funds due$9,281
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$760.50
Prepaid interest, first (1 days)$45.53
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 8 moOf the original 30-year loan at 7.170%
Interest already paid$39,289Through Nov 2026
Assumption only · ends Jul 2054$326,171
New conventional · ends Dec 2056$307,105