Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,947/mo
+$713/mo- Down payment
- $0
- Funds due
- $8,000
- Interest + MI left
- $299,819
- First ends
- May 2053
New loan
New conventional
$1,235/mo
Lowest payment- Down payment
- $16,500
- Funds due
- $22,521
- Interest + MI left
- $225,210
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $250,080 | $148,500 |
| Second mortgage | — | — |
| First P&I | $1,650.85 | $1,028.18 |
| Second P&I | — | — |
| Mortgage insurance | $119.71 | $29.70 |
| Taxes, insurance & HOA | $176.83 | $176.83 |
| Total housing payment | $1,947.39 | $1,234.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,000
Usable credit−$0
Total buyer cash needed$8,000
Earnest money paid−$0
Remaining funds due$8,000
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,650.00
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)$80.50
Prepaid interest, first (1 days)$44.53
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 6.500%
Interest already paid$58,234Through Nov 2026
Assumption only · ends May 2053$299,819
New conventional · ends Dec 2056$225,210