Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,629/mo
+$56/mo- Down payment
- $34,595
- Funds due
- $45,371
- Interest + MI left
- $401,333
- First ends
- Jun 2054
New loan
New conventional
$2,573/mo
Lowest payment- Down payment
- $34,000
- Funds due
- $42,653
- Interest + MI left
- $447,423
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $305,405 | $306,000 |
| Second mortgage | — | — |
| First P&I | $2,045.95 | $2,072.95 |
| Second P&I | — | — |
| Mortgage insurance | $143.99 | $61.20 |
| Taxes, insurance & HOA | $439.00 | $439.00 |
| Total housing payment | $2,628.94 | $2,573.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,595
Closing costs & prepaids$10,776
Usable credit−$0
Total buyer cash needed$45,371
Earnest money paid−$0
Remaining funds due$45,371
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$867.00
Prepaid interest, first (5 days)$284.07
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 6 moOf the original 30-year loan at 6.79%
Interest already paid$52,631Through Dec 2026
Assumption only · ends Jun 2054$401,333
New conventional · ends Jan 2057$447,423