Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,048/mo
+$242/mo- Down payment
- $11,682
- Funds due
- $22,874
- Interest + MI left
- $445,613
- First ends
- Sep 2053
New loan
New conventional
$2,807/mo
Lowest payment- Down payment
- $37,500
- Funds due
- $46,519
- Interest + MI left
- $487,736
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $363,318 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,406.18 | $2,270.38 |
| Second P&I | — | — |
| Mortgage insurance | $173.22 | $67.50 |
| Taxes, insurance & HOA | $468.75 | $468.75 |
| Total housing payment | $3,048.15 | $2,806.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,682
Closing costs & prepaids$11,193
Usable credit−$0
Total buyer cash needed$22,874
Earnest money paid−$0
Remaining funds due$22,874
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$956.25
Prepaid interest, first (4 days)$261.59
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 9 moOf the original 30-year loan at 6.57%
Interest already paid$79,232Through Dec 2026
Assumption only · ends Sep 2053$445,613
New conventional · ends Jan 2057$487,736