Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,522/mo
+$165/mo- Down payment
- $16,258
- Funds due
- $26,071
- Interest + MI left
- $453,424
- First ends
- Apr 2055
New loan
New conventional
$2,357/mo
Lowest payment- Down payment
- $33,500
- Funds due
- $41,178
- Interest + MI left
- $457,245
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $318,742 | $301,500 |
| Second mortgage | — | — |
| First P&I | $2,164.44 | $2,087.53 |
| Second P&I | — | — |
| Mortgage insurance | $148.51 | $60.30 |
| Taxes, insurance & HOA | $208.92 | $208.92 |
| Total housing payment | $2,521.86 | $2,356.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,258
Closing costs & prepaids$9,813
Usable credit−$0
Total buyer cash needed$26,071
Earnest money paid−$0
Remaining funds due$26,071
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$176.75
Prepaid interest, first (1 days)$61.48
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5 moOf the original 30-year loan at 7.040%
Interest already paid$35,844Through Nov 2026
Assumption only · ends Apr 2055$453,424
New conventional · ends Dec 2056$457,245