Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,102/mo
+$373/mo- Down payment
- $0
- Funds due
- $9,695
- Interest + MI left
- $242,086
- First ends
- Apr 2053
New loan
New conventional
$1,728/mo
Lowest payment- Down payment
- $17,200
- Funds due
- $24,883
- Interest + MI left
- $226,343
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $206,205 | $154,800 |
| Second mortgage | — | — |
| First P&I | $1,354.02 | $1,048.67 |
| Second P&I | — | — |
| Mortgage insurance | $99.01 | $30.96 |
| Taxes, insurance & HOA | $648.83 | $648.83 |
| Total housing payment | $2,101.86 | $1,728.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,695
Usable credit−$0
Total buyer cash needed$9,695
Earnest money paid−$0
Remaining funds due$9,695
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,720.00
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)$206.50
Initial HOA (3 months)$1,290.00
Prepaid interest, first (7 days)$253.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 4 moOf the original 30-year loan at 6.42%
Interest already paid$49,767Through Dec 2026
Assumption only · ends Apr 2053$242,086
New conventional · ends Jan 2057$226,343