Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,250/mo
+$43/mo- Down payment
- $30,550
- Funds due
- $40,633
- Interest + MI left
- $323,883
- First ends
- Sep 2053
New loan
New conventional
$2,206/mo
Lowest payment- Down payment
- $28,850
- Funds due
- $36,863
- Interest + MI left
- $379,651
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $257,950 | $259,650 |
| Second mortgage | — | — |
| First P&I | $1,731.48 | $1,758.96 |
| Second P&I | — | — |
| Mortgage insurance | $122.86 | $51.93 |
| Taxes, insurance & HOA | $395.25 | $395.25 |
| Total housing payment | $2,249.59 | $2,206.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,550
Closing costs & prepaids$10,083
Usable credit−$0
Total buyer cash needed$40,633
Earnest money paid−$0
Remaining funds due$40,633
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,885.00
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)$735.75
Prepaid interest, first (5 days)$237.10
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 9 moOf the original 30-year loan at 6.71%
Interest already paid$57,422Through Dec 2026
Assumption only · ends Sep 2053$323,883
New conventional · ends Jan 2057$379,651