Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,792/mo
+$153/mo- Down payment
- $891
- Funds due
- $9,591
- Interest + MI left
- $253,571
- First ends
- Jan 2053
New loan
New conventional
$1,640/mo
Lowest payment- Down payment
- $22,000
- Funds due
- $28,683
- Interest + MI left
- $300,280
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $219,109 | $198,000 |
| Second mortgage | — | — |
| First P&I | $1,399.72 | $1,370.91 |
| Second P&I | — | — |
| Mortgage insurance | $163.44 | $39.60 |
| Taxes, insurance & HOA | $229.33 | $229.33 |
| Total housing payment | $1,792.49 | $1,639.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$891
Closing costs & prepaids$8,700
Usable credit−$0
Total buyer cash needed$9,591
Earnest money paid−$0
Remaining funds due$9,591
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,200.00
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)$238.00
Prepaid interest, first (1 days)$36.68
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 2 moOf the original 30-year loan at 6.110%
Interest already paid$52,763Through Nov 2026
Assumption only · ends Jan 2053$253,571
New conventional · ends Dec 2056$300,280