Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,825/mo
+$259/mo- Down payment
- $14,308
- Funds due
- $25,102
- Interest + MI left
- $451,131
- First ends
- Aug 2054
New loan
New conventional
$2,566/mo
Lowest payment- Down payment
- $33,900
- Funds due
- $42,541
- Interest + MI left
- $446,107
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $324,692 | $305,100 |
| Second mortgage | — | — |
| First P&I | $2,234.46 | $2,066.85 |
| Second P&I | — | — |
| Mortgage insurance | $152.55 | $61.02 |
| Taxes, insurance & HOA | $438.17 | $438.17 |
| Total housing payment | $2,825.17 | $2,566.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,308
Closing costs & prepaids$10,795
Usable credit−$0
Total buyer cash needed$25,102
Earnest money paid−$0
Remaining funds due$25,102
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$864.50
Prepaid interest, first (5 days)$315.35
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 8 moOf the original 30-year loan at 7.09%
Interest already paid$54,430Through Dec 2026
Assumption only · ends Aug 2054$451,131
New conventional · ends Jan 2057$446,107