Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,219/mo
+$110/mo- Down payment
- $11,254
- Funds due
- $20,912
- Interest + MI left
- $333,235
- First ends
- Apr 2054
New loan
New conventional
$2,109/mo
Lowest payment- Down payment
- $27,000
- Funds due
- $34,590
- Interest + MI left
- $368,526
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $258,746 | $243,000 |
| Second mortgage | — | — |
| First P&I | $1,718.42 | $1,682.48 |
| Second P&I | — | — |
| Mortgage insurance | $122.18 | $48.60 |
| Taxes, insurance & HOA | $378.42 | $378.42 |
| Total housing payment | $2,219.02 | $2,109.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,254
Closing costs & prepaids$9,658
Usable credit−$0
Total buyer cash needed$20,912
Earnest money paid−$0
Remaining funds due$20,912
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$685.25
Prepaid interest, first (1 days)$47.42
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 5 moOf the original 30-year loan at 6.690%
Interest already paid$45,436Through Nov 2026
Assumption only · ends Apr 2054$333,235
New conventional · ends Dec 2056$368,526