Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,708/mo
+$583/mo- Down payment
- $0
- Funds due
- $8,122
- Interest + MI left
- $233,947
- First ends
- Jul 2053
New loan
New conventional
$1,126/mo
Lowest payment- Down payment
- $11,900
- Funds due
- $18,077
- Interest + MI left
- $162,424
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $187,002 | $107,100 |
| Second mortgage | — | — |
| First P&I | $1,256.65 | $741.54 |
| Second P&I | — | — |
| Mortgage insurance | $89.17 | $21.42 |
| Taxes, insurance & HOA | $362.58 | $362.58 |
| Total housing payment | $1,708.40 | $1,125.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,122
Usable credit−$0
Total buyer cash needed$8,122
Earnest money paid−$0
Remaining funds due$8,122
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,190.00
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)$637.75
Prepaid interest, first (2 days)$68.76
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 8 moOf the original 30-year loan at 6.710%
Interest already paid$42,722Through Nov 2026
Assumption only · ends Jul 2053$233,947
New conventional · ends Dec 2056$162,424