Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,127/mo
Lowest payment- Down payment
- $27,425
- Funds due
- $37,121
- Interest + MI left
- $317,612
- First ends
- Feb 2054
New loan
New conventional
$2,150/mo
+$23/mo- Down payment
- $28,390
- Funds due
- $36,014
- Interest + MI left
- $387,498
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $256,475 | $255,510 |
| Second mortgage | — | — |
| First P&I | $1,675.67 | $1,769.10 |
| Second P&I | — | — |
| Mortgage insurance | $121.51 | $51.10 |
| Taxes, insurance & HOA | $330.00 | $330.00 |
| Total housing payment | $2,127.18 | $2,150.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,425
Closing costs & prepaids$9,695
Usable credit−$0
Total buyer cash needed$37,121
Earnest money paid−$0
Remaining funds due$37,121
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,839.00
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)$540.00
Prepaid interest, first (2 days)$91.35
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 3 moOf the original 30-year loan at 6.500%
Interest already paid$46,663Through Nov 2026
Assumption only · ends Feb 2054$317,612
New conventional · ends Dec 2056$387,498