Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,544/mo
+$456/mo- Down payment
- $0
- Funds due
- $7,971
- Interest + MI left
- $192,888
- First ends
- Jul 2052
New loan
New conventional
$1,088/mo
Lowest payment- Down payment
- $14,050
- Funds due
- $20,057
- Interest + MI left
- $184,891
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $200,465 | $126,450 |
| Second mortgage | — | — |
| First P&I | $1,185.68 | $856.62 |
| Second P&I | — | — |
| Mortgage insurance | $152.43 | $25.29 |
| Taxes, insurance & HOA | $206.17 | $206.17 |
| Total housing payment | $1,544.28 | $1,088.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,971
Usable credit−$0
Total buyer cash needed$7,971
Earnest money paid−$0
Remaining funds due$7,971
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,405.00
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)$168.50
Prepaid interest, first (6 days)$172.34
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 closing25 yr 7 moOf the original 30-year loan at 5.23%
Interest already paid$48,105Through Dec 2026
Assumption only · ends Jul 2052$192,888
New conventional · ends Jan 2057$184,891