Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,247/mo
Lowest payment- Down payment
- $34,473
- Funds due
- $45,005
- Interest + MI left
- $274,954
- First ends
- May 2054
New loan
New conventional
$2,326/mo
+$79/mo- Down payment
- $24,900
- Funds due
- $33,396
- 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 | $214,527 | $224,100 |
| Second mortgage | — | — |
| First P&I | $1,416.31 | $1,551.62 |
| Second P&I | — | — |
| Mortgage insurance | $101.22 | $44.82 |
| Taxes, insurance & HOA | $729.75 | $729.75 |
| Total housing payment | $2,247.28 | $2,326.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,473
Closing costs & prepaids$10,532
Usable credit−$0
Total buyer cash needed$45,005
Earnest money paid−$0
Remaining funds due$45,005
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)$1,739.25
Prepaid interest, first (2 days)$78.05
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 6 moOf the original 30-year loan at 6.640%
Interest already paid$36,168Through Nov 2026
Assumption only · ends May 2054$274,954
New conventional · ends Dec 2056$339,863