Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,596/mo
+$251/mo- Down payment
- $24,404
- Funds due
- $34,294
- Interest + MI left
- $450,918
- First ends
- Jan 2054
New loan
New conventional
$2,345/mo
Lowest payment- Down payment
- $33,000
- Funds due
- $40,752
- Interest + MI left
- $450,420
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $305,596 | $297,000 |
| Second mortgage | — | — |
| First P&I | $2,222.84 | $2,056.37 |
| Second P&I | — | — |
| Mortgage insurance | $144.01 | $59.40 |
| Taxes, insurance & HOA | $228.92 | $228.92 |
| Total housing payment | $2,595.76 | $2,344.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,404
Closing costs & prepaids$9,889
Usable credit−$0
Total buyer cash needed$34,294
Earnest money paid−$0
Remaining funds due$34,294
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$236.75
Prepaid interest, first (2 days)$127.60
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 2 moOf the original 30-year loan at 7.620%
Interest already paid$66,968Through Nov 2026
Assumption only · ends Jan 2054$450,918
New conventional · ends Dec 2056$450,420