Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,580/mo
+$4/mo- Down payment
- $31,652
- Funds due
- $42,435
- Interest + MI left
- $338,165
- First ends
- Sep 2053
New loan
New conventional
$2,576/mo
Lowest payment- Down payment
- $30,000
- Funds due
- $38,688
- Interest + MI left
- $409,473
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $268,348 | $270,000 |
| Second mortgage | — | — |
| First P&I | $1,799.27 | $1,869.43 |
| Second P&I | — | — |
| Mortgage insurance | $127.67 | $54.00 |
| Taxes, insurance & HOA | $652.75 | $652.75 |
| Total housing payment | $2,579.69 | $2,576.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,652
Closing costs & prepaids$10,783
Usable credit−$0
Total buyer cash needed$42,435
Earnest money paid−$0
Remaining funds due$42,435
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$1,508.25
Prepaid interest, first (1 days)$49.33
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 closing26 yr 10 moOf the original 30-year loan at 6.710%
Interest already paid$58,170Through Nov 2026
Assumption only · ends Sep 2053$338,165
New conventional · ends Dec 2056$409,473