Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,622/mo
+$305/mo- Down payment
- $13,954
- Funds due
- $23,940
- Interest + MI left
- $436,827
- First ends
- Jan 2054
New loan
New conventional
$2,317/mo
Lowest payment- Down payment
- $31,000
- Funds due
- $38,865
- Interest + MI left
- $423,122
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $296,046 | $279,000 |
| Second mortgage | — | — |
| First P&I | $2,153.37 | $1,931.74 |
| Second P&I | — | — |
| Mortgage insurance | $139.51 | $55.80 |
| Taxes, insurance & HOA | $329.00 | $329.00 |
| Total housing payment | $2,621.88 | $2,316.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,954
Closing costs & prepaids$9,986
Usable credit−$0
Total buyer cash needed$23,940
Earnest money paid−$0
Remaining funds due$23,940
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$537.00
Prepaid interest, first (2 days)$123.61
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$64,875Through Nov 2026
Assumption only · ends Jan 2054$436,827
New conventional · ends Dec 2056$423,122