Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,527/mo
+$297/mo- Down payment
- $8,741
- Funds due
- $18,645
- Interest + MI left
- $405,498
- First ends
- Dec 2053
New loan
New conventional
$2,230/mo
Lowest payment- Down payment
- $29,000
- Funds due
- $36,804
- Interest + MI left
- $395,824
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $281,259 | $261,000 |
| Second mortgage | — | — |
| First P&I | $2,023.33 | $1,807.11 |
| Second P&I | — | — |
| Mortgage insurance | $132.76 | $52.20 |
| Taxes, insurance & HOA | $371.17 | $371.17 |
| Total housing payment | $2,527.26 | $2,230.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,741
Closing costs & prepaids$9,904
Usable credit−$0
Total buyer cash needed$18,645
Earnest money paid−$0
Remaining funds due$18,645
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$663.50
Prepaid interest, first (2 days)$115.43
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 closing27 yr 1 moOf the original 30-year loan at 7.490%
Interest already paid$62,420Through Nov 2026
Assumption only · ends Dec 2053$405,498
New conventional · ends Dec 2056$395,824