Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,983/mo
+$16/mo- Down payment
- $27,331
- Funds due
- $36,961
- Interest + MI left
- $279,238
- First ends
- Sep 2053
New loan
New conventional
$1,967/mo
Lowest payment- Down payment
- $25,500
- Funds due
- $33,096
- Interest + MI left
- $335,567
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $227,669 | $229,500 |
| Second mortgage | — | — |
| First P&I | $1,507.80 | $1,554.71 |
| Second P&I | — | — |
| Mortgage insurance | $108.54 | $45.90 |
| Taxes, insurance & HOA | $366.75 | $366.75 |
| Total housing payment | $1,983.10 | $1,967.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,331
Closing costs & prepaids$9,630
Usable credit−$0
Total buyer cash needed$36,961
Earnest money paid−$0
Remaining funds due$36,961
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,550.00
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)$650.25
Prepaid interest, first (5 days)$204.90
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 6.57%
Interest already paid$49,650Through Dec 2026
Assumption only · ends Sep 2053$279,238
New conventional · ends Jan 2057$335,567