Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,924/mo
+$1,111/mo- Down payment
- $0
- Funds due
- $9,444
- Interest + MI left
- $494,146
- First ends
- Jul 2053
New loan
New conventional
$1,813/mo
Lowest payment- Down payment
- $24,900
- Funds due
- $32,129
- Interest + MI left
- $327,671
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $342,098 | $224,100 |
| Second mortgage | — | — |
| First P&I | $2,511.68 | $1,518.13 |
| Second P&I | — | — |
| Mortgage insurance | $162.25 | $44.82 |
| Taxes, insurance & HOA | $249.58 | $249.58 |
| Total housing payment | $2,923.51 | $1,812.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,444
Usable credit−$0
Total buyer cash needed$9,444
Earnest money paid−$0
Remaining funds due$9,444
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,490.00
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)$298.75
Prepaid interest, first (6 days)$430.20
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 7 moOf the original 30-year loan at 7.65%
Interest already paid$91,077Through Dec 2026
Assumption only · ends Jul 2053$494,146
New conventional · ends Jan 2057$327,671