Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,218/mo
Lowest payment- Down payment
- $23,187
- Funds due
- $33,083
- Interest + MI left
- $366,057
- First ends
- Jan 2056
New loan
New conventional
$2,295/mo
+$77/mo- Down payment
- $31,000
- Funds due
- $38,802
- Interest + MI left
- $423,122
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $286,813 | $279,000 |
| Second mortgage | — | — |
| First P&I | $1,777.73 | $1,931.74 |
| Second P&I | — | — |
| Mortgage insurance | $132.75 | $55.80 |
| Taxes, insurance & HOA | $307.83 | $307.83 |
| Total housing payment | $2,218.32 | $2,295.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,187
Closing costs & prepaids$9,896
Usable credit−$0
Total buyer cash needed$33,083
Earnest money paid−$0
Remaining funds due$33,083
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$473.50
Prepaid interest, first (2 days)$97.75
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 closing29 yr 2 moOf the original 30-year loan at 6.220%
Interest already paid$14,948Through Nov 2026
Assumption only · ends Jan 2056$366,057
New conventional · ends Dec 2056$423,122