Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,377/mo
+$765/mo- Down payment
- $0
- Funds due
- $9,006
- Interest + MI left
- $373,710
- First ends
- Sep 2053
New loan
New conventional
$1,612/mo
Lowest payment- Down payment
- $21,900
- Funds due
- $28,791
- Interest + MI left
- $288,193
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $297,634 | $197,100 |
| Second mortgage | — | — |
| First P&I | $1,997.86 | $1,335.22 |
| Second P&I | — | — |
| Mortgage insurance | $141.76 | $39.42 |
| Taxes, insurance & HOA | $237.58 | $237.58 |
| Total housing payment | $2,377.20 | $1,612.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,006
Usable credit−$0
Total buyer cash needed$9,006
Earnest money paid−$0
Remaining funds due$9,006
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,190.00
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)$262.75
Prepaid interest, first (6 days)$328.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 9 moOf the original 30-year loan at 6.71%
Interest already paid$66,257Through Dec 2026
Assumption only · ends Sep 2053$373,710
New conventional · ends Jan 2057$288,193