Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,134/mo
+$475/mo- Down payment
- $0
- Funds due
- $8,765
- Interest + MI left
- $312,985
- First ends
- May 2053
New loan
New conventional
$1,658/mo
Lowest payment- Down payment
- $22,000
- Funds due
- $28,739
- Interest + MI left
- $300,280
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $272,121 | $198,000 |
| Second mortgage | — | — |
| First P&I | $1,755.09 | $1,370.91 |
| Second P&I | — | — |
| Mortgage insurance | $130.51 | $39.60 |
| Taxes, insurance & HOA | $247.92 | $247.92 |
| Total housing payment | $2,133.51 | $1,658.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,765
Usable credit−$0
Total buyer cash needed$8,765
Earnest money paid−$0
Remaining funds due$8,765
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,200.00
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)$293.75
Prepaid interest, first (1 days)$46.67
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 closing26 yr 6 moOf the original 30-year loan at 6.260%
Interest already paid$61,088Through Nov 2026
Assumption only · ends May 2053$312,985
New conventional · ends Dec 2056$300,280