Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,117/mo
Lowest payment- Down payment
- $36,457
- Funds due
- $46,595
- Interest + MI left
- $297,817
- First ends
- Jun 2054
New loan
New conventional
$2,164/mo
+$47/mo- Down payment
- $27,000
- Funds due
- $35,100
- Interest + MI left
- $355,306
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $233,543 | $243,000 |
| Second mortgage | — | — |
| First P&I | $1,537.33 | $1,646.17 |
| Second P&I | — | — |
| Mortgage insurance | $110.21 | $48.60 |
| Taxes, insurance & HOA | $469.50 | $469.50 |
| Total housing payment | $2,117.04 | $2,164.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,457
Closing costs & prepaids$10,137
Usable credit−$0
Total buyer cash needed$46,595
Earnest money paid−$0
Remaining funds due$46,595
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$958.50
Prepaid interest, first (6 days)$253.76
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6.61%
Interest already paid$39,199Through Dec 2026
Assumption only · ends Jun 2054$297,817
New conventional · ends Jan 2057$355,306