Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,953/mo
+$520/mo- Down payment
- $0
- Funds due
- $8,697
- Interest + MI left
- $300,107
- First ends
- May 2054
New loan
New conventional
$1,433/mo
Lowest payment- Down payment
- $18,000
- Funds due
- $24,663
- Interest + MI left
- $236,863
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $230,709 | $161,995 |
| Second mortgage | — | — |
| First P&I | $1,541.17 | $1,097.41 |
| Second P&I | — | — |
| Mortgage insurance | $108.91 | $32.40 |
| Taxes, insurance & HOA | $303.00 | $303.00 |
| Total housing payment | $1,953.08 | $1,432.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,697
Usable credit−$0
Total buyer cash needed$8,697
Earnest money paid−$0
Remaining funds due$8,697
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,799.95
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)$459.00
Prepaid interest, first (5 days)$213.33
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 closing27 yr 5 moOf the original 30-year loan at 6.75%
Interest already paid$40,869Through Dec 2026
Assumption only · ends May 2054$300,107
New conventional · ends Jan 2057$236,863