Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,698/mo
+$202/mo- Down payment
- $35,335
- Funds due
- $45,453
- Interest + MI left
- $472,382
- First ends
- Jan 2054
New loan
New conventional
$2,496/mo
Lowest payment- Down payment
- $35,500
- Funds due
- $43,459
- Interest + MI left
- $484,543
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $319,665 | $319,500 |
| Second mortgage | — | — |
| First P&I | $2,327.31 | $2,212.15 |
| Second P&I | — | — |
| Mortgage insurance | $150.63 | $63.90 |
| Taxes, insurance & HOA | $219.75 | $219.75 |
| Total housing payment | $2,697.69 | $2,495.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,335
Closing costs & prepaids$10,118
Usable credit−$0
Total buyer cash needed$45,453
Earnest money paid−$0
Remaining funds due$45,453
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$209.25
Prepaid interest, first (2 days)$133.65
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 2 moOf the original 30-year loan at 7.630%
Interest already paid$70,141Through Nov 2026
Assumption only · ends Jan 2054$472,382
New conventional · ends Dec 2056$484,543