Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,769/mo
+$107/mo- Down payment
- $2,866
- Funds due
- $11,677
- Interest + MI left
- $288,560
- First ends
- Apr 2055
New loan
New conventional
$1,663/mo
Lowest payment- Down payment
- $21,990
- Funds due
- $28,782
- Interest + MI left
- $300,144
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $217,034 | $197,910 |
| Second mortgage | — | — |
| First P&I | $1,415.33 | $1,370.29 |
| Second P&I | — | — |
| Mortgage insurance | $101.26 | $39.58 |
| Taxes, insurance & HOA | $252.67 | $252.67 |
| Total housing payment | $1,769.25 | $1,662.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,866
Closing costs & prepaids$8,811
Usable credit−$0
Total buyer cash needed$11,677
Earnest money paid−$0
Remaining funds due$11,677
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,199.00
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)$308.00
Prepaid interest, first (2 days)$78.85
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 5 moOf the original 30-year loan at 6.630%
Interest already paid$23,002Through Nov 2026
Assumption only · ends Apr 2055$288,560
New conventional · ends Dec 2056$300,144