Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,085/mo
+$909/mo- Down payment
- $0
- Funds due
- $8,091
- Interest + MI left
- $316,916
- First ends
- Jan 2053
New loan
New conventional
$1,176/mo
Lowest payment- Down payment
- $14,100
- Funds due
- $20,211
- Interest + MI left
- $192,452
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $234,099 | $126,900 |
| Second mortgage | — | — |
| First P&I | $1,639.75 | $878.63 |
| Second P&I | — | — |
| Mortgage insurance | $173.18 | $25.38 |
| Taxes, insurance & HOA | $271.75 | $271.75 |
| Total housing payment | $2,084.68 | $1,175.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,091
Usable credit−$0
Total buyer cash needed$8,091
Earnest money paid−$0
Remaining funds due$8,091
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,410.00
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)$365.25
Prepaid interest, first (2 days)$90.82
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 2 moOf the original 30-year loan at 7.080%
Interest already paid$65,039Through Nov 2026
Assumption only · ends Jan 2053$316,916
New conventional · ends Dec 2056$192,452