Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,336/mo
+$91/mo- Down payment
- $20,532
- Funds due
- $30,153
- Interest + MI left
- $403,704
- First ends
- Aug 2054
New loan
New conventional
$2,245/mo
Lowest payment- Down payment
- $32,500
- Funds due
- $40,002
- Interest + MI left
- $443,596
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $304,468 | $292,500 |
| Second mortgage | — | — |
| First P&I | $2,031.41 | $2,025.21 |
| Second P&I | — | — |
| Mortgage insurance | $143.11 | $58.50 |
| Taxes, insurance & HOA | $161.17 | $161.17 |
| Total housing payment | $2,335.69 | $2,244.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,532
Closing costs & prepaids$9,622
Usable credit−$0
Total buyer cash needed$30,153
Earnest money paid−$0
Remaining funds due$30,153
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$33.50
Prepaid interest, first (2 days)$113.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 9 moOf the original 30-year loan at 6.780%
Interest already paid$47,076Through Nov 2026
Assumption only · ends Aug 2054$403,704
New conventional · ends Dec 2056$443,596