Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,346/mo
Lowest payment- Down payment
- $37,768
- Funds due
- $48,155
- Interest + MI left
- $370,627
- First ends
- Apr 2054
New loan
New conventional
$2,347/mo
+$1/mo- Down payment
- $32,900
- Funds due
- $41,205
- Interest + MI left
- $432,947
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $291,232 | $296,100 |
| Second mortgage | — | — |
| First P&I | $1,926.84 | $2,005.88 |
| Second P&I | — | — |
| Mortgage insurance | $137.71 | $59.22 |
| Taxes, insurance & HOA | $281.58 | $281.58 |
| Total housing payment | $2,346.13 | $2,346.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,768
Closing costs & prepaids$10,387
Usable credit−$0
Total buyer cash needed$48,155
Earnest money paid−$0
Remaining funds due$48,155
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,290.00
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)$394.75
Prepaid interest, first (9 days)$476.82
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 4 moOf the original 30-year loan at 6.64%
Interest already paid$52,434Through Dec 2026
Assumption only · ends Apr 2054$370,627
New conventional · ends Jan 2057$432,947