Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,121/mo
+$69/mo- Down payment
- $17,003
- Funds due
- $26,848
- Interest + MI left
- $343,614
- First ends
- Jan 2055
New loan
New conventional
$2,052/mo
Lowest payment- Down payment
- $28,490
- Funds due
- $36,275
- Interest + MI left
- $374,914
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $267,897 | $256,410 |
| Second mortgage | — | — |
| First P&I | $1,731.53 | $1,737.01 |
| Second P&I | — | — |
| Mortgage insurance | $125.56 | $51.28 |
| Taxes, insurance & HOA | $264.00 | $264.00 |
| Total housing payment | $2,121.08 | $2,052.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,003
Closing costs & prepaids$9,845
Usable credit−$0
Total buyer cash needed$26,848
Earnest money paid−$0
Remaining funds due$26,848
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,849.00
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)$342.00
Prepaid interest, first (9 days)$429.37
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 closing28 yr 1 moOf the original 30-year loan at 6.5%
Interest already paid$33,776Through Dec 2026
Assumption only · ends Jan 2055$343,614
New conventional · ends Jan 2057$374,914