Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,171/mo
+$59/mo- Down payment
- $10,712
- Funds due
- $20,466
- Interest + MI left
- $289,703
- First ends
- Jul 2053
New loan
New conventional
$2,112/mo
Lowest payment- Down payment
- $25,990
- Funds due
- $33,689
- Interest + MI left
- $354,740
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $249,188 | $233,910 |
| Second mortgage | — | — |
| First P&I | $1,606.39 | $1,619.55 |
| Second P&I | — | — |
| Mortgage insurance | $119.20 | $46.78 |
| Taxes, insurance & HOA | $445.83 | $445.83 |
| Total housing payment | $2,171.43 | $2,112.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,712
Closing costs & prepaids$9,754
Usable credit−$0
Total buyer cash needed$20,466
Earnest money paid−$0
Remaining funds due$20,466
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,599.00
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)$887.50
Prepaid interest, first (1 days)$42.87
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 closing26 yr 8 moOf the original 30-year loan at 6.280%
Interest already paid$53,371Through Nov 2026
Assumption only · ends Jul 2053$289,703
New conventional · ends Dec 2056$354,740