Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,154/mo
+$409/mo- Down payment
- $0
- Funds due
- $9,200
- Interest + MI left
- $295,641
- First ends
- Feb 2053
New loan
New conventional
$1,744/mo
Lowest payment- Down payment
- $20,500
- Funds due
- $27,685
- Interest + MI left
- $279,807
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $229,051 | $184,500 |
| Second mortgage | — | — |
| First P&I | $1,553.91 | $1,277.44 |
| Second P&I | — | — |
| Mortgage insurance | $169.70 | $36.90 |
| Taxes, insurance & HOA | $430.08 | $430.08 |
| Total housing payment | $2,153.70 | $1,744.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,200
Usable credit−$0
Total buyer cash needed$9,200
Earnest money paid−$0
Remaining funds due$9,200
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,050.00
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)$840.25
Prepaid interest, first (2 days)$84.72
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 3 moOf the original 30-year loan at 6.750%
Interest already paid$59,397Through Nov 2026
Assumption only · ends Feb 2053$295,641
New conventional · ends Dec 2056$279,807