Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,970/mo
+$612/mo- Down payment
- $0
- Funds due
- $8,233
- Interest + MI left
- $309,927
- First ends
- Sep 2053
New loan
New conventional
$1,358/mo
Lowest payment- Down payment
- $18,000
- Funds due
- $24,241
- Interest + MI left
- $245,684
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $245,940 | $162,000 |
| Second mortgage | — | — |
| First P&I | $1,649.02 | $1,121.66 |
| Second P&I | — | — |
| Mortgage insurance | $117.01 | $32.40 |
| Taxes, insurance & HOA | $204.33 | $204.33 |
| Total housing payment | $1,970.37 | $1,358.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,233
Usable credit−$0
Total buyer cash needed$8,233
Earnest money paid−$0
Remaining funds due$8,233
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,800.00
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)$163.00
Prepaid interest, first (1 days)$45.21
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 10 moOf the original 30-year loan at 6.710%
Interest already paid$53,313Through Nov 2026
Assumption only · ends Sep 2053$309,927
New conventional · ends Dec 2056$245,684