Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,629/mo
+$135/mo- Down payment
- $9,902
- Funds due
- $20,319
- Interest + MI left
- $427,783
- First ends
- Aug 2055
New loan
New conventional
$2,494/mo
Lowest payment- Down payment
- $31,990
- Funds due
- $40,289
- Interest + MI left
- $436,635
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $309,998 | $287,910 |
| Second mortgage | — | — |
| First P&I | $2,042.10 | $1,993.43 |
| Second P&I | — | — |
| Mortgage insurance | $144.01 | $57.58 |
| Taxes, insurance & HOA | $442.83 | $442.83 |
| Total housing payment | $2,628.94 | $2,493.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,902
Closing costs & prepaids$10,417
Usable credit−$0
Total buyer cash needed$20,319
Earnest money paid−$0
Remaining funds due$20,319
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$878.50
Prepaid interest, first (2 days)$115.00
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 closing28 yr 9 moOf the original 30-year loan at 6.770%
Interest already paid$26,426Through Nov 2026
Assumption only · ends Aug 2055$427,783
New conventional · ends Dec 2056$436,635