Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,813/mo
+$156/mo- Down payment
- $35,721
- Funds due
- $46,389
- Interest + MI left
- $413,240
- First ends
- Feb 2053
New loan
New conventional
$2,657/mo
Lowest payment- Down payment
- $34,600
- Funds due
- $43,130
- Interest + MI left
- $472,258
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $310,278 | $311,399 |
| Second mortgage | — | — |
| First P&I | $2,144.86 | $2,156.06 |
| Second P&I | — | — |
| Mortgage insurance | $229.52 | $62.28 |
| Taxes, insurance & HOA | $438.33 | $438.33 |
| Total housing payment | $2,812.71 | $2,656.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,721
Closing costs & prepaids$10,668
Usable credit−$0
Total buyer cash needed$46,389
Earnest money paid−$0
Remaining funds due$46,389
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,459.99
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)$865.00
Prepaid interest, first (2 days)$118.16
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 closing26 yr 3 moOf the original 30-year loan at 6.950%
Interest already paid$82,774Through Nov 2026
Assumption only · ends Feb 2053$413,240
New conventional · ends Dec 2056$472,258