Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,809/mo
Lowest payment- Down payment
- $27,289
- Funds due
- $36,314
- Interest + MI left
- $291,075
- First ends
- Sep 2054
New loan
New conventional
$1,861/mo
+$52/mo- Down payment
- $25,700
- Funds due
- $32,674
- Interest + MI left
- $350,782
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $229,711 | $231,300 |
| Second mortgage | — | — |
| First P&I | $1,487.94 | $1,601.47 |
| Second P&I | — | — |
| Mortgage insurance | $108.01 | $46.26 |
| Taxes, insurance & HOA | $213.17 | $213.17 |
| Total housing payment | $1,809.11 | $1,860.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,289
Closing costs & prepaids$9,025
Usable credit−$0
Total buyer cash needed$36,314
Earnest money paid−$0
Remaining funds due$36,314
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,570.00
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)$189.50
Prepaid interest, first (1 days)$40.84
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 closing27 yr 10 moOf the original 30-year loan at 6.490%
Interest already paid$32,745Through Nov 2026
Assumption only · ends Sep 2054$291,075
New conventional · ends Dec 2056$350,782