Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,167/mo
Lowest payment- Down payment
- $25,316
- Funds due
- $35,150
- Interest + MI left
- $295,458
- First ends
- Jul 2053
New loan
New conventional
$2,200/mo
+$33/mo- Down payment
- $27,990
- Funds due
- $35,751
- Interest + MI left
- $382,038
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $254,584 | $251,910 |
| Second mortgage | — | — |
| First P&I | $1,639.57 | $1,744.17 |
| Second P&I | — | — |
| Mortgage insurance | $121.79 | $50.38 |
| Taxes, insurance & HOA | $405.33 | $405.33 |
| Total housing payment | $2,166.70 | $2,199.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,316
Closing costs & prepaids$9,834
Usable credit−$0
Total buyer cash needed$35,150
Earnest money paid−$0
Remaining funds due$35,150
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,799.00
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)$766.00
Prepaid interest, first (1 days)$43.73
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 6.270%
Interest already paid$54,442Through Nov 2026
Assumption only · ends Jul 2053$295,458
New conventional · ends Dec 2056$382,038