Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,436/mo
+$164/mo- Down payment
- $15,322
- Funds due
- $25,062
- Interest + MI left
- $409,759
- First ends
- Jul 2054
New loan
New conventional
$2,272/mo
Lowest payment- Down payment
- $31,500
- Funds due
- $39,125
- Interest + MI left
- $429,947
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $299,678 | $283,500 |
| Second mortgage | — | — |
| First P&I | $2,042.61 | $1,962.90 |
| Second P&I | — | — |
| Mortgage insurance | $140.86 | $56.70 |
| Taxes, insurance & HOA | $252.50 | $252.50 |
| Total housing payment | $2,435.97 | $2,272.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,322
Closing costs & prepaids$9,740
Usable credit−$0
Total buyer cash needed$25,062
Earnest money paid−$0
Remaining funds due$25,062
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$307.50
Prepaid interest, first (1 days)$57.39
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 6.990%
Interest already paid$49,541Through Nov 2026
Assumption only · ends Jul 2054$409,759
New conventional · ends Dec 2056$429,947