Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,153/mo
+$589/mo- Down payment
- $0
- Funds due
- $8,579
- Interest + MI left
- $348,209
- First ends
- Mar 2054
New loan
New conventional
$1,564/mo
Lowest payment- Down payment
- $21,000
- Funds due
- $27,558
- Interest + MI left
- $286,630
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $272,244 | $188,999 |
| Second mortgage | — | — |
| First P&I | $1,806.48 | $1,308.59 |
| Second P&I | — | — |
| Mortgage insurance | $128.71 | $37.80 |
| Taxes, insurance & HOA | $218.08 | $218.08 |
| Total housing payment | $2,153.27 | $1,564.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,579
Usable credit−$0
Total buyer cash needed$8,579
Earnest money paid−$0
Remaining funds due$8,579
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,099.99
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)$204.25
Prepaid interest, first (1 days)$49.75
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 closing27 yr 4 moOf the original 30-year loan at 6.670%
Interest already paid$49,232Through Nov 2026
Assumption only · ends Mar 2054$348,209
New conventional · ends Dec 2056$286,630