Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,672/mo
+$721/mo- Down payment
- $0
- Funds due
- $7,902
- Interest + MI left
- $250,627
- First ends
- Aug 2053
New loan
New conventional
$951/mo
Lowest payment- Down payment
- $12,000
- Funds due
- $17,840
- Interest + MI left
- $157,914
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $210,035 | $108,000 |
| Second mortgage | — | — |
| First P&I | $1,373.91 | $731.63 |
| Second P&I | — | — |
| Mortgage insurance | $100.36 | $21.60 |
| Taxes, insurance & HOA | $198.00 | $198.00 |
| Total housing payment | $1,672.27 | $951.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,902
Usable credit−$0
Total buyer cash needed$7,902
Earnest money paid−$0
Remaining funds due$7,902
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,200.00
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)$144.00
Prepaid interest, first (9 days)$333.01
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 closing26 yr 8 moOf the original 30-year loan at 6.43%
Interest already paid$46,032Through Dec 2026
Assumption only · ends Aug 2053$250,627
New conventional · ends Jan 2057$157,914