Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,455/mo
+$135/mo- Down payment
- $20,843
- Funds due
- $31,216
- Interest + MI left
- $401,870
- First ends
- Aug 2054
New loan
New conventional
$2,320/mo
Lowest payment- Down payment
- $32,500
- Funds due
- $40,758
- Interest + MI left
- $427,683
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $304,157 | $292,500 |
| Second mortgage | — | — |
| First P&I | $2,031.41 | $1,981.50 |
| Second P&I | — | — |
| Mortgage insurance | $143.11 | $58.50 |
| Taxes, insurance & HOA | $280.00 | $280.00 |
| Total housing payment | $2,454.52 | $2,320.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,843
Closing costs & prepaids$10,373
Usable credit−$0
Total buyer cash needed$31,216
Earnest money paid−$0
Remaining funds due$31,216
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Prepaid interest, first (9 days)$508.48
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 8 moOf the original 30-year loan at 6.78%
Interest already paid$48,797Through Dec 2026
Assumption only · ends Aug 2054$401,870
New conventional · ends Jan 2057$427,683