Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,286/mo
+$194/mo- Down payment
- $20,592
- Funds due
- $30,392
- Interest + MI left
- $344,088
- First ends
- Jan 2054
New loan
New conventional
$2,092/mo
Lowest payment- Down payment
- $24,900
- Funds due
- $32,648
- Interest + MI left
- $339,863
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $228,408 | $224,100 |
| Second mortgage | — | — |
| First P&I | $1,682.83 | $1,551.62 |
| Second P&I | — | — |
| Mortgage insurance | $107.56 | $44.82 |
| Taxes, insurance & HOA | $495.42 | $495.42 |
| Total housing payment | $2,285.81 | $2,091.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,592
Closing costs & prepaids$9,800
Usable credit−$0
Total buyer cash needed$30,392
Earnest money paid−$0
Remaining funds due$30,392
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,490.00
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)$1,036.25
Prepaid interest, first (1 days)$48.56
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 2 moOf the original 30-year loan at 7.760%
Interest already paid$50,953Through Nov 2026
Assumption only · ends Jan 2054$344,088
New conventional · ends Dec 2056$339,863