Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,892/mo
+$167/mo- Down payment
- $42,471
- Funds due
- $53,531
- Interest + MI left
- $418,275
- First ends
- Jan 2053
New loan
New conventional
$2,725/mo
Lowest payment- Down payment
- $36,130
- Funds due
- $45,048
- Interest + MI left
- $475,452
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $318,829 | $325,170 |
| Second mortgage | — | — |
| First P&I | $2,198.68 | $2,202.81 |
| Second P&I | — | — |
| Mortgage insurance | $236.47 | $65.03 |
| Taxes, insurance & HOA | $457.08 | $457.08 |
| Total housing payment | $2,892.23 | $2,724.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,471
Closing costs & prepaids$11,061
Usable credit−$0
Total buyer cash needed$53,531
Earnest money paid−$0
Remaining funds due$53,531
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,613.00
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)$921.25
Prepaid interest, first (5 days)$301.36
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 closing26 yr 1 moOf the original 30-year loan at 6.9%
Interest already paid$88,326Through Dec 2026
Assumption only · ends Jan 2053$418,275
New conventional · ends Jan 2057$475,452