Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,058/mo
+$486/mo- Down payment
- $0
- Funds due
- $9,545
- Interest + MI left
- $243,197
- First ends
- Jan 2055
New loan
New conventional
$1,572/mo
Lowest payment- Down payment
- $13,000
- Funds due
- $20,551
- Interest + MI left
- $171,073
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $185,770 | $117,000 |
| Second mortgage | — | — |
| First P&I | $1,215.13 | $792.60 |
| Second P&I | — | — |
| Mortgage insurance | $87.02 | $23.40 |
| Taxes, insurance & HOA | $756.00 | $756.00 |
| Total housing payment | $2,058.15 | $1,572.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,545
Usable credit−$0
Total buyer cash needed$9,545
Earnest money paid−$0
Remaining funds due$9,545
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,300.00
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)$156.00
Initial HOA (3 months)$1,662.00
Prepaid interest, first (6 days)$202.16
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 closing28 yr 1 moOf the original 30-year loan at 6.62%
Interest already paid$23,848Through Dec 2026
Assumption only · ends Jan 2055$243,197
New conventional · ends Jan 2057$171,073