Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,618/mo
+$201/mo- Down payment
- $33,752
- Funds due
- $44,227
- Interest + MI left
- $411,194
- First ends
- Dec 2053
New loan
New conventional
$2,417/mo
Lowest payment- Down payment
- $32,000
- Funds due
- $40,345
- Interest + MI left
- $416,201
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $286,248 | $288,000 |
| Second mortgage | — | — |
| First P&I | $2,061.19 | $1,937.39 |
| Second P&I | — | — |
| Mortgage insurance | $135.24 | $57.60 |
| Taxes, insurance & HOA | $422.00 | $422.00 |
| Total housing payment | $2,618.43 | $2,416.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,752
Closing costs & prepaids$10,476
Usable credit−$0
Total buyer cash needed$44,227
Earnest money paid−$0
Remaining funds due$44,227
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$816.00
Prepaid interest, first (4 days)$234.96
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 yrOf the original 30-year loan at 7.49%
Interest already paid$65,376Through Dec 2026
Assumption only · ends Dec 2053$411,194
New conventional · ends Jan 2057$416,201