Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,209/mo
+$142/mo- Down payment
- $0
- Funds due
- $7,712
- Interest + MI left
- $186,487
- First ends
- Oct 2053
New loan
New conventional
$1,067/mo
Lowest payment- Down payment
- $13,975
- Funds due
- $19,746
- Interest + MI left
- $190,746
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $141,540 | $125,775 |
| Second mortgage | — | — |
| First P&I | $970.87 | $870.84 |
| Second P&I | — | — |
| Mortgage insurance | $67.16 | $25.16 |
| Taxes, insurance & HOA | $171.00 | $171.00 |
| Total housing payment | $1,209.02 | $1,067.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,712
Usable credit−$0
Total buyer cash needed$7,712
Earnest money paid−$0
Remaining funds due$7,712
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,397.50
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)$63.00
Prepaid interest, first (1 days)$26.99
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 11 moOf the original 30-year loan at 6.960%
Interest already paid$30,942Through Nov 2026
Assumption only · ends Oct 2053$186,487
New conventional · ends Dec 2056$190,746