Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,854/mo
+$106/mo- Down payment
- $12,449
- Funds due
- $21,472
- Interest + MI left
- $290,629
- First ends
- Jul 2054
New loan
New conventional
$1,748/mo
Lowest payment- Down payment
- $22,500
- Funds due
- $29,499
- Interest + MI left
- $307,105
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $212,551 | $202,500 |
| Second mortgage | — | — |
| First P&I | $1,448.76 | $1,402.07 |
| Second P&I | — | — |
| Mortgage insurance | $99.91 | $40.50 |
| Taxes, insurance & HOA | $305.58 | $305.58 |
| Total housing payment | $1,854.25 | $1,748.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,449
Closing costs & prepaids$9,023
Usable credit−$0
Total buyer cash needed$21,472
Earnest money paid−$0
Remaining funds due$21,472
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$466.75
Prepaid interest, first (2 days)$81.41
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 8 moOf the original 30-year loan at 6.990%
Interest already paid$35,138Through Nov 2026
Assumption only · ends Jul 2054$290,629
New conventional · ends Dec 2056$307,105