Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,678/mo
+$126/mo- Down payment
- $29,767
- Funds due
- $40,269
- Interest + MI left
- $415,299
- First ends
- Jan 2054
New loan
New conventional
$2,552/mo
Lowest payment- Down payment
- $32,990
- Funds due
- $41,364
- Interest + MI left
- $450,284
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $300,133 | $296,910 |
| Second mortgage | — | — |
| First P&I | $2,099.45 | $2,055.74 |
| Second P&I | — | — |
| Mortgage insurance | $141.76 | $59.38 |
| Taxes, insurance & HOA | $436.67 | $436.67 |
| Total housing payment | $2,677.88 | $2,551.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,767
Closing costs & prepaids$10,502
Usable credit−$0
Total buyer cash needed$40,269
Earnest money paid−$0
Remaining funds due$40,269
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$860.00
Prepaid interest, first (2 days)$118.41
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 7.200%
Interest already paid$62,221Through Nov 2026
Assumption only · ends Jan 2054$415,299
New conventional · ends Dec 2056$450,284