Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,409/mo
+$75/mo- Down payment
- $28,673
- Funds due
- $38,687
- Interest + MI left
- $373,542
- First ends
- Feb 2054
New loan
New conventional
$2,334/mo
Lowest payment- Down payment
- $30,500
- Funds due
- $38,412
- Interest + MI left
- $416,298
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $276,327 | $274,500 |
| Second mortgage | — | — |
| First P&I | $1,900.17 | $1,900.58 |
| Second P&I | — | — |
| Mortgage insurance | $130.51 | $54.90 |
| Taxes, insurance & HOA | $378.67 | $378.67 |
| Total housing payment | $2,409.35 | $2,334.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,673
Closing costs & prepaids$10,014
Usable credit−$0
Total buyer cash needed$38,687
Earnest money paid−$0
Remaining funds due$38,687
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
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)$686.00
Prepaid interest, first (1 days)$53.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7.030%
Interest already paid$54,286Through Nov 2026
Assumption only · ends Feb 2054$373,542
New conventional · ends Dec 2056$416,298