Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,627/mo
+$847/mo- Down payment
- $0
- Funds due
- $9,319
- Interest + MI left
- $409,039
- First ends
- Aug 2053
New loan
New conventional
$1,779/mo
Lowest payment- Down payment
- $24,400
- Funds due
- $31,573
- Interest + MI left
- $321,092
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $334,712 | $219,600 |
| Second mortgage | — | — |
| First P&I | $2,219.27 | $1,487.65 |
| Second P&I | — | — |
| Mortgage insurance | $159.76 | $43.92 |
| Taxes, insurance & HOA | $247.58 | $247.58 |
| Total housing payment | $2,626.62 | $1,779.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,319
Usable credit−$0
Total buyer cash needed$9,319
Earnest money paid−$0
Remaining funds due$9,319
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,440.00
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)$292.75
Prepaid interest, first (6 days)$361.49
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 8 moOf the original 30-year loan at 6.57%
Interest already paid$74,912Through Dec 2026
Assumption only · ends Aug 2053$409,039
New conventional · ends Jan 2057$321,092