Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,543/mo
+$256/mo- Down payment
- $14,310
- Funds due
- $24,581
- Interest + MI left
- $394,986
- First ends
- Jan 2054
New loan
New conventional
$2,287/mo
Lowest payment- Down payment
- $29,990
- Funds due
- $38,144
- Interest + MI left
- $394,653
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $285,590 | $269,910 |
| Second mortgage | — | — |
| First P&I | $2,003.47 | $1,828.46 |
| Second P&I | — | — |
| Mortgage insurance | $135.01 | $53.98 |
| Taxes, insurance & HOA | $404.92 | $404.92 |
| Total housing payment | $2,543.40 | $2,287.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,310
Closing costs & prepaids$10,271
Usable credit−$0
Total buyer cash needed$24,581
Earnest money paid−$0
Remaining funds due$24,581
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$764.75
Prepaid interest, first (5 days)$282.46
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 1 moOf the original 30-year loan at 7.22%
Interest already paid$61,146Through Dec 2026
Assumption only · ends Jan 2054$394,986
New conventional · ends Jan 2057$394,653