Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,263/mo
+$77/mo- Down payment
- $21,690
- Funds due
- $31,582
- Interest + MI left
- $359,097
- First ends
- Mar 2055
New loan
New conventional
$2,186/mo
Lowest payment- Down payment
- $27,500
- Funds due
- $35,319
- Interest + MI left
- $375,350
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $253,310 | $247,500 |
| Second mortgage | — | — |
| First P&I | $1,721.71 | $1,713.64 |
| Second P&I | — | — |
| Mortgage insurance | $118.13 | $49.50 |
| Taxes, insurance & HOA | $423.00 | $423.00 |
| Total housing payment | $2,262.84 | $2,186.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,690
Closing costs & prepaids$9,892
Usable credit−$0
Total buyer cash needed$31,582
Earnest money paid−$0
Remaining funds due$31,582
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$819.00
Prepaid interest, first (2 days)$97.72
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 4 moOf the original 30-year loan at 7.040%
Interest already paid$30,000Through Nov 2026
Assumption only · ends Mar 2055$359,097
New conventional · ends Dec 2056$375,350