Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,473/mo
+$75/mo- Down payment
- $23,033
- Funds due
- $31,313
- Interest + MI left
- $226,034
- First ends
- Jan 2053
New loan
New conventional
$1,398/mo
Lowest payment- Down payment
- $19,000
- Funds due
- $25,294
- Interest + MI left
- $259,333
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $166,967 | $171,000 |
| Second mortgage | — | — |
| First P&I | $1,169.52 | $1,183.97 |
| Second P&I | — | — |
| Mortgage insurance | $123.52 | $34.20 |
| Taxes, insurance & HOA | $180.00 | $180.00 |
| Total housing payment | $1,473.04 | $1,398.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,033
Closing costs & prepaids$8,280
Usable credit−$0
Total buyer cash needed$31,313
Earnest money paid−$0
Remaining funds due$31,313
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,900.00
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)$90.00
Prepaid interest, first (2 days)$64.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2 moOf the original 30-year loan at 7.080%
Interest already paid$46,387Through Nov 2026
Assumption only · ends Jan 2053$226,034
New conventional · ends Dec 2056$259,333