Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,759/mo
+$272/mo- Down payment
- $33,593
- Funds due
- $44,211
- Interest + MI left
- $448,345
- First ends
- Feb 2054
New loan
New conventional
$2,487/mo
Lowest payment- Down payment
- $32,990
- Funds due
- $41,457
- Interest + MI left
- $429,077
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $296,307 | $296,910 |
| Second mortgage | — | — |
| First P&I | $2,189.07 | $1,997.33 |
| Second P&I | — | — |
| Mortgage insurance | $139.51 | $59.38 |
| Taxes, insurance & HOA | $430.42 | $430.42 |
| Total housing payment | $2,759.00 | $2,487.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,593
Closing costs & prepaids$10,618
Usable credit−$0
Total buyer cash needed$44,211
Earnest money paid−$0
Remaining funds due$44,211
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$841.25
Prepaid interest, first (4 days)$252.96
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 closing27 yr 2 moOf the original 30-year loan at 7.79%
Interest already paid$66,350Through Dec 2026
Assumption only · ends Feb 2054$448,345
New conventional · ends Jan 2057$429,077