Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,673/mo
+$312/mo- Down payment
- $0
- Funds due
- $8,530
- Interest + MI left
- $230,819
- First ends
- Jun 2053
New loan
New conventional
$1,362/mo
Lowest payment- Down payment
- $17,000
- Funds due
- $23,539
- Interest + MI left
- $223,711
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $197,212 | $153,000 |
| Second mortgage | — | — |
| First P&I | $1,284.37 | $1,036.48 |
| Second P&I | — | — |
| Mortgage insurance | $94.51 | $30.60 |
| Taxes, insurance & HOA | $294.50 | $294.50 |
| Total housing payment | $1,673.38 | $1,361.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,530
Usable credit−$0
Total buyer cash needed$8,530
Earnest money paid−$0
Remaining funds due$8,530
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,700.00
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)$433.50
Prepaid interest, first (5 days)$171.82
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 6 moOf the original 30-year loan at 6.36%
Interest already paid$44,960Through Dec 2026
Assumption only · ends Jun 2053$230,819
New conventional · ends Jan 2057$223,711