Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,769/mo
Lowest payment- Down payment
- $34,092
- Funds due
- $43,064
- Interest + MI left
- $295,264
- First ends
- Sep 2054
New loan
New conventional
$1,808/mo
+$39/mo- Down payment
- $24,990
- Funds due
- $31,922
- Interest + MI left
- $341,091
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $215,808 | $224,910 |
| Second mortgage | — | — |
| First P&I | $1,462.40 | $1,557.23 |
| Second P&I | — | — |
| Mortgage insurance | $101.26 | $44.98 |
| Taxes, insurance & HOA | $205.50 | $205.50 |
| Total housing payment | $1,769.16 | $1,807.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,092
Closing costs & prepaids$8,973
Usable credit−$0
Total buyer cash needed$43,064
Earnest money paid−$0
Remaining funds due$43,064
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,499.00
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)$166.50
Prepaid interest, first (2 days)$82.18
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 10 moOf the original 30-year loan at 6.950%
Interest already paid$32,907Through Nov 2026
Assumption only · ends Sep 2054$295,264
New conventional · ends Dec 2056$341,091