Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,663/mo
+$705/mo- Down payment
- $0
- Funds due
- $7,577
- Interest + MI left
- $251,832
- First ends
- Aug 2053
New loan
New conventional
$958/mo
Lowest payment- Down payment
- $12,000
- Funds due
- $17,642
- Interest + MI left
- $163,789
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $210,283 | $108,000 |
| Second mortgage | — | — |
| First P&I | $1,373.91 | $747.77 |
| Second P&I | — | — |
| Mortgage insurance | $100.36 | $21.60 |
| Taxes, insurance & HOA | $188.25 | $188.25 |
| Total housing payment | $1,662.52 | $957.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,577
Usable credit−$0
Total buyer cash needed$7,577
Earnest money paid−$0
Remaining funds due$7,577
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,200.00
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)$114.75
Prepaid interest, first (1 days)$37.04
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 9 moOf the original 30-year loan at 6.430%
Interest already paid$44,905Through Nov 2026
Assumption only · ends Aug 2053$251,832
New conventional · ends Dec 2056$163,789