Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,780/mo
+$164/mo- Down payment
- $16,833
- Funds due
- $27,180
- Interest + MI left
- $466,728
- First ends
- Jun 2054
New loan
New conventional
$2,616/mo
Lowest payment- Down payment
- $36,900
- Funds due
- $45,081
- Interest + MI left
- $503,652
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $352,167 | $332,100 |
| Second mortgage | — | — |
| First P&I | $2,363.65 | $2,299.39 |
| Second P&I | — | — |
| Mortgage insurance | $165.84 | $66.42 |
| Taxes, insurance & HOA | $250.17 | $250.17 |
| Total housing payment | $2,779.65 | $2,615.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,833
Closing costs & prepaids$10,347
Usable credit−$0
Total buyer cash needed$27,180
Earnest money paid−$0
Remaining funds due$27,180
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,690.00
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)$300.50
Prepaid interest, first (2 days)$131.60
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 closing27 yr 7 moOf the original 30-year loan at 6.820%
Interest already paid$58,888Through Nov 2026
Assumption only · ends Jun 2054$466,728
New conventional · ends Dec 2056$503,652