Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,091/mo
+$211/mo- Down payment
- $0
- Funds due
- $7,419
- Interest + MI left
- $154,809
- First ends
- Jul 2053
New loan
New conventional
$880/mo
Lowest payment- Down payment
- $11,016
- Funds due
- $16,522
- Interest + MI left
- $150,359
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $131,771 | $99,144 |
| Second mortgage | — | — |
| First P&I | $854.45 | $686.45 |
| Second P&I | — | — |
| Mortgage insurance | $63.00 | $19.83 |
| Taxes, insurance & HOA | $173.25 | $173.25 |
| Total housing payment | $1,090.71 | $879.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,419
Usable credit−$0
Total buyer cash needed$7,419
Earnest money paid−$0
Remaining funds due$7,419
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,101.60
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)$69.75
Prepaid interest, first (1 days)$22.89
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 6.340%
Interest already paid$28,485Through Nov 2026
Assumption only · ends Jul 2053$154,809
New conventional · ends Dec 2056$150,359