Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,528/mo
+$510/mo- Down payment
- $0
- Funds due
- $7,993
- Interest + MI left
- $240,052
- First ends
- Nov 2053
New loan
New conventional
$1,018/mo
Lowest payment- Down payment
- $13,000
- Funds due
- $18,958
- 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 | $179,016 | $117,000 |
| Second mortgage | — | — |
| First P&I | $1,240.76 | $792.60 |
| Second P&I | — | — |
| Mortgage insurance | $84.88 | $23.40 |
| Taxes, insurance & HOA | $202.00 | $202.00 |
| Total housing payment | $1,527.64 | $1,018.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,993
Usable credit−$0
Total buyer cash needed$7,993
Earnest money paid−$0
Remaining funds due$7,993
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
Prepaid interest, first (9 days)$312.08
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 closing26 yr 11 moOf the original 30-year loan at 7.07%
Interest already paid$39,739Through Dec 2026
Assumption only · ends Nov 2053$240,052
New conventional · ends Jan 2057$171,073