Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,169/mo
+$271/mo- Down payment
- $28,173
- Funds due
- $39,098
- Interest + MI left
- $488,273
- First ends
- Jan 2053
New loan
New conventional
$2,898/mo
Lowest payment- Down payment
- $39,900
- Funds due
- $48,632
- Interest + MI left
- $544,599
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $370,827 | $359,100 |
| Second mortgage | — | — |
| First P&I | $2,554.35 | $2,486.34 |
| Second P&I | — | — |
| Mortgage insurance | $274.72 | $71.82 |
| Taxes, insurance & HOA | $340.00 | $340.00 |
| Total housing payment | $3,169.07 | $2,898.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,173
Closing costs & prepaids$10,925
Usable credit−$0
Total buyer cash needed$39,098
Earnest money paid−$0
Remaining funds due$39,098
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$570.00
Prepaid interest, first (2 days)$140.20
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 6.900%
Interest already paid$100,482Through Nov 2026
Assumption only · ends Jan 2053$488,273
New conventional · ends Dec 2056$544,599