Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,341/mo
+$168/mo- Down payment
- $7,557
- Funds due
- $18,028
- Interest + MI left
- $284,981
- First ends
- Oct 2053
New loan
New conventional
$2,173/mo
Lowest payment- Down payment
- $23,000
- Funds due
- $31,437
- Interest + MI left
- $302,668
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $222,443 | $207,000 |
| Second mortgage | — | — |
| First P&I | $1,505.81 | $1,402.29 |
| Second P&I | — | — |
| Mortgage insurance | $105.76 | $41.40 |
| Taxes, insurance & HOA | $729.50 | $729.50 |
| Total housing payment | $2,341.07 | $2,173.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,557
Closing costs & prepaids$10,471
Usable credit−$0
Total buyer cash needed$18,028
Earnest money paid−$0
Remaining funds due$18,028
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,300.00
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)$586.50
Initial HOA (3 months)$1,152.00
Prepaid interest, first (5 days)$207.51
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 10 moOf the original 30-year loan at 6.81%
Interest already paid$48,920Through Dec 2026
Assumption only · ends Oct 2053$284,981
New conventional · ends Jan 2057$302,668