Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,581/mo
+$178/mo- Down payment
- $13,101
- Funds due
- $23,545
- Interest + MI left
- $422,101
- First ends
- Aug 2055
New loan
New conventional
$2,403/mo
Lowest payment- Down payment
- $31,800
- Funds due
- $40,121
- Interest + MI left
- $413,600
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $304,899 | $286,200 |
| Second mortgage | — | — |
| First P&I | $2,018.43 | $1,925.29 |
| Second P&I | — | — |
| Mortgage insurance | $141.76 | $57.24 |
| Taxes, insurance & HOA | $420.33 | $420.33 |
| Total housing payment | $2,580.52 | $2,402.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,101
Closing costs & prepaids$10,444
Usable credit−$0
Total buyer cash needed$23,545
Earnest money paid−$0
Remaining funds due$23,545
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,180.00
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)$811.00
Prepaid interest, first (4 days)$227.55
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 closing28 yr 8 moOf the original 30-year loan at 6.81%
Interest already paid$27,900Through Dec 2026
Assumption only · ends Aug 2055$422,101
New conventional · ends Jan 2057$413,600