Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,733/mo
+$215/mo- Down payment
- $37,048
- Funds due
- $47,218
- Interest + MI left
- $330,235
- First ends
- Jan 2049
New loan
New conventional
$2,517/mo
Lowest payment- Down payment
- $35,490
- Funds due
- $43,514
- Interest + MI left
- $484,407
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $317,852 | $319,410 |
| Second mortgage | — | — |
| First P&I | $2,337.89 | $2,211.53 |
| Second P&I | — | — |
| Mortgage insurance | $152.85 | $63.88 |
| Taxes, insurance & HOA | $241.83 | $241.83 |
| Total housing payment | $2,732.57 | $2,517.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,048
Closing costs & prepaids$10,170
Usable credit−$0
Total buyer cash needed$47,218
Earnest money paid−$0
Remaining funds due$47,218
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,549.00
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)$275.50
Prepaid interest, first (2 days)$120.35
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 closing22 yr 2 moOf the original 25-year loan at 6.910%
Interest already paid$63,855Through Nov 2026
Assumption only · ends Jan 2049$330,235
New conventional · ends Dec 2056$484,407