Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,543/mo
+$268/mo- Down payment
- $14,236
- Funds due
- $24,452
- Interest + MI left
- $392,568
- First ends
- Dec 2053
New loan
New conventional
$2,275/mo
Lowest payment- Down payment
- $30,000
- Funds due
- $38,100
- Interest + MI left
- $390,189
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $285,764 | $270,000 |
| Second mortgage | — | — |
| First P&I | $2,002.93 | $1,816.31 |
| Second P&I | — | — |
| Mortgage insurance | $135.24 | $54.00 |
| Taxes, insurance & HOA | $405.00 | $405.00 |
| Total housing payment | $2,543.18 | $2,275.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,236
Closing costs & prepaids$10,215
Usable credit−$0
Total buyer cash needed$24,452
Earnest money paid−$0
Remaining funds due$24,452
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$765.00
Prepaid interest, first (4 days)$225.48
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 yrOf the original 30-year loan at 7.2%
Interest already paid$62,795Through Dec 2026
Assumption only · ends Dec 2053$392,568
New conventional · ends Jan 2057$390,189