Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,724/mo
+$1,077/mo- Down payment
- $0
- Funds due
- $7,421
- Interest + MI left
- $283,675
- First ends
- Jun 2054
New loan
New conventional
$647/mo
Lowest payment- Down payment
- $7,450
- Funds due
- $12,754
- Interest + MI left
- $98,038
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $214,806 | $67,050 |
| Second mortgage | — | — |
| First P&I | $1,443.20 | $454.22 |
| Second P&I | — | — |
| Mortgage insurance | $101.26 | $13.41 |
| Taxes, insurance & HOA | $179.83 | $179.83 |
| Total housing payment | $1,724.29 | $647.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,421
Usable credit−$0
Total buyer cash needed$7,421
Earnest money paid−$0
Remaining funds due$7,421
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$745.00
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)$89.50
Prepaid interest, first (9 days)$361.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6 moOf the original 30-year loan at 6.82%
Interest already paid$37,178Through Dec 2026
Assumption only · ends Jun 2054$283,675
New conventional · ends Jan 2057$98,038