Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,258/mo
Lowest payment- Down payment
- $32,556
- Funds due
- $42,730
- Interest + MI left
- $309,261
- First ends
- Jul 2053
New loan
New conventional
$2,275/mo
+$18/mo- Down payment
- $30,000
- Funds due
- $38,100
- Interest + MI left
- $390,187
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $267,443 | $269,999 |
| Second mortgage | — | — |
| First P&I | $1,724.48 | $1,816.30 |
| Second P&I | — | — |
| Mortgage insurance | $128.10 | $54.00 |
| Taxes, insurance & HOA | $405.00 | $405.00 |
| Total housing payment | $2,257.58 | $2,275.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,556
Closing costs & prepaids$10,174
Usable credit−$0
Total buyer cash needed$42,730
Earnest money paid−$0
Remaining funds due$42,730
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.99
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)$765.00
Prepaid interest, first (4 days)$183.77
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 7 moOf the original 30-year loan at 6.27%
Interest already paid$58,660Through Dec 2026
Assumption only · ends Jul 2053$309,261
New conventional · ends Jan 2057$390,187