Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,085/mo
+$490/mo- Down payment
- $0
- Funds due
- $9,299
- Interest + MI left
- $273,979
- First ends
- Sep 2053
New loan
New conventional
$1,595/mo
Lowest payment- Down payment
- $17,000
- Funds due
- $24,270
- Interest + MI left
- $223,711
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $214,635 | $153,000 |
| Second mortgage | — | — |
| First P&I | $1,454.55 | $1,036.48 |
| Second P&I | — | — |
| Mortgage insurance | $102.16 | $30.60 |
| Taxes, insurance & HOA | $528.00 | $528.00 |
| Total housing payment | $2,084.71 | $1,595.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,299
Usable credit−$0
Total buyer cash needed$9,299
Earnest money paid−$0
Remaining funds due$9,299
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,700.00
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)$204.00
Initial HOA (3 months)$930.00
Prepaid interest, first (6 days)$240.27
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 6.81%
Interest already paid$48,474Through Dec 2026
Assumption only · ends Sep 2053$273,979
New conventional · ends Jan 2057$223,711