Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,263/mo
+$136/mo- Down payment
- $9,328
- Funds due
- $19,855
- Interest + MI left
- $257,090
- First ends
- Oct 2053
New loan
New conventional
$2,127/mo
Lowest payment- Down payment
- $21,000
- Funds due
- $29,515
- Interest + MI left
- $276,349
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $200,672 | $189,000 |
| Second mortgage | — | — |
| First P&I | $1,358.43 | $1,280.35 |
| Second P&I | — | — |
| Mortgage insurance | $95.41 | $37.80 |
| Taxes, insurance & HOA | $809.00 | $809.00 |
| Total housing payment | $2,262.84 | $2,127.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,328
Closing costs & prepaids$10,527
Usable credit−$0
Total buyer cash needed$19,855
Earnest money paid−$0
Remaining funds due$19,855
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,100.00
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)$252.00
Initial HOA (3 months)$1,725.00
Prepaid interest, first (6 days)$224.64
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 10 moOf the original 30-year loan at 6.81%
Interest already paid$44,132Through Dec 2026
Assumption only · ends Oct 2053$257,090
New conventional · ends Jan 2057$276,349