Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,575/mo
+$280/mo- Down payment
- $0
- Funds due
- $8,397
- Interest + MI left
- $221,975
- First ends
- Sep 2054
New loan
New conventional
$1,295/mo
Lowest payment- Down payment
- $14,000
- Funds due
- $20,451
- Interest + MI left
- $191,087
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $163,033 | $126,000 |
| Second mortgage | — | — |
| First P&I | $1,101.57 | $872.40 |
| Second P&I | — | — |
| Mortgage insurance | $76.51 | $25.20 |
| Taxes, insurance & HOA | $396.92 | $396.92 |
| Total housing payment | $1,574.99 | $1,294.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,397
Usable credit−$0
Total buyer cash needed$8,397
Earnest money paid−$0
Remaining funds due$8,397
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,400.00
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)$68.75
Initial HOA (3 months)$672.00
Prepaid interest, first (1 days)$30.91
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 30-year loan at 6.920%
Interest already paid$24,754Through Nov 2026
Assumption only · ends Sep 2054$221,975
New conventional · ends Dec 2056$191,087