Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,740/mo
+$55/mo- Down payment
- $14,515
- Funds due
- $23,631
- Interest + MI left
- $210,337
- First ends
- Feb 2053
New loan
New conventional
$1,685/mo
Lowest payment- Down payment
- $18,900
- Funds due
- $26,031
- Interest + MI left
- $257,968
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $174,485 | $170,100 |
| Second mortgage | — | — |
| First P&I | $1,137.23 | $1,177.74 |
| Second P&I | — | — |
| Mortgage insurance | $129.73 | $34.02 |
| Taxes, insurance & HOA | $473.50 | $473.50 |
| Total housing payment | $1,740.46 | $1,685.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,515
Closing costs & prepaids$9,116
Usable credit−$0
Total buyer cash needed$23,631
Earnest money paid−$0
Remaining funds due$23,631
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,890.00
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)$970.50
Prepaid interest, first (1 days)$30.26
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 closing26 yr 3 moOf the original 30-year loan at 6.330%
Interest already paid$42,510Through Nov 2026
Assumption only · ends Feb 2053$210,337
New conventional · ends Dec 2056$257,968