Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,730/mo
+$1,280/mo- Down payment
- $0
- Funds due
- $7,097
- Interest + MI left
- $289,465
- First ends
- Jun 2054
New loan
New conventional
$450/mo
Lowest payment- Down payment
- $4,500
- Funds due
- $9,456
- Interest + MI left
- $59,218
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $214,940 | $40,500 |
| Second mortgage | — | — |
| First P&I | $1,460.92 | $274.36 |
| Second P&I | — | — |
| Mortgage insurance | $101.26 | $8.10 |
| Taxes, insurance & HOA | $168.00 | $168.00 |
| Total housing payment | $1,730.18 | $450.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,097
Usable credit−$0
Total buyer cash needed$7,097
Earnest money paid−$0
Remaining funds due$7,097
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$450.00
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)$54.00
Prepaid interest, first (9 days)$367.81
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing27 yr 6 moOf the original 30-year loan at 6.94%
Interest already paid$37,843Through Dec 2026
Assumption only · ends Jun 2054$289,465
New conventional · ends Jan 2057$59,218