Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,851/mo
+$342/mo- Down payment
- $0
- Funds due
- $8,478
- Interest + MI left
- $280,803
- First ends
- Jul 2053
New loan
New conventional
$1,509/mo
Lowest payment- Down payment
- $20,200
- Funds due
- $26,671
- Interest + MI left
- $275,712
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $230,947 | $181,800 |
| Second mortgage | — | — |
| First P&I | $1,526.85 | $1,258.75 |
| Second P&I | — | — |
| Mortgage insurance | $110.26 | $36.36 |
| Taxes, insurance & HOA | $213.83 | $213.83 |
| Total housing payment | $1,850.94 | $1,508.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,478
Usable credit−$0
Total buyer cash needed$8,478
Earnest money paid−$0
Remaining funds due$8,478
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,020.00
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)$191.50
Prepaid interest, first (1 days)$41.38
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 8 moOf the original 30-year loan at 6.540%
Interest already paid$51,459Through Nov 2026
Assumption only · ends Jul 2053$280,803
New conventional · ends Dec 2056$275,712