Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,613/mo
+$189/mo- Down payment
- $0
- Funds due
- $8,631
- Interest + MI left
- $215,759
- First ends
- Apr 2053
New loan
New conventional
$1,424/mo
Lowest payment- Down payment
- $17,880
- Funds due
- $24,528
- Interest + MI left
- $235,292
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $188,625 | $160,920 |
| Second mortgage | — | — |
| First P&I | $1,220.77 | $1,090.13 |
| Second P&I | — | — |
| Mortgage insurance | $90.68 | $32.18 |
| Taxes, insurance & HOA | $302.00 | $302.00 |
| Total housing payment | $1,613.45 | $1,424.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,631
Usable credit−$0
Total buyer cash needed$8,631
Earnest money paid−$0
Remaining funds due$8,631
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,788.00
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)$456.00
Prepaid interest, first (5 days)$162.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 4 moOf the original 30-year loan at 6.27%
Interest already paid$44,490Through Dec 2026
Assumption only · ends Apr 2053$215,759
New conventional · ends Jan 2057$235,292