Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,632/mo
+$197/mo- Down payment
- $25,225
- Funds due
- $35,712
- Interest + MI left
- $372,039
- First ends
- Feb 2053
New loan
New conventional
$2,435/mo
Lowest payment- Down payment
- $32,250
- Funds due
- $40,626
- Interest + MI left
- $419,453
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $297,275 | $290,250 |
| Second mortgage | — | — |
| First P&I | $1,986.89 | $1,952.53 |
| Second P&I | — | — |
| Mortgage insurance | $220.82 | $58.05 |
| Taxes, insurance & HOA | $424.17 | $424.17 |
| Total housing payment | $2,631.88 | $2,434.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,225
Closing costs & prepaids$10,487
Usable credit−$0
Total buyer cash needed$35,712
Earnest money paid−$0
Remaining funds due$35,712
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,225.00
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)$822.50
Prepaid interest, first (4 days)$214.36
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 closing26 yr 2 moOf the original 30-year loan at 6.58%
Interest already paid$76,924Through Dec 2026
Assumption only · ends Feb 2053$372,039
New conventional · ends Jan 2057$419,453