Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,741/mo
+$99/mo- Down payment
- $29,495
- Funds due
- $39,863
- Interest + MI left
- $472,712
- First ends
- Sep 2054
New loan
New conventional
$2,641/mo
Lowest payment- Down payment
- $37,500
- Funds due
- $45,698
- Interest + MI left
- $511,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $345,505 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,341.28 | $2,336.78 |
| Second P&I | — | — |
| Mortgage insurance | $162.11 | $67.50 |
| Taxes, insurance & HOA | $237.17 | $237.17 |
| Total housing payment | $2,740.55 | $2,641.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,495
Closing costs & prepaids$10,368
Usable credit−$0
Total buyer cash needed$39,863
Earnest money paid−$0
Remaining funds due$39,863
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$261.50
Prepaid interest, first (2 days)$131.58
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 10 moOf the original 30-year loan at 6.950%
Interest already paid$52,683Through Nov 2026
Assumption only · ends Sep 2054$472,712
New conventional · ends Dec 2056$511,841