Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,459/mo
+$207/mo- Down payment
- $15,509
- Funds due
- $25,777
- Interest + MI left
- $407,902
- First ends
- Jul 2054
New loan
New conventional
$2,252/mo
Lowest payment- Down payment
- $31,489
- Funds due
- $39,627
- Interest + MI left
- $414,379
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $299,381 | $283,401 |
| Second mortgage | — | — |
| First P&I | $2,042.61 | $1,919.86 |
| Second P&I | — | — |
| Mortgage insurance | $140.86 | $56.68 |
| Taxes, insurance & HOA | $275.92 | $275.92 |
| Total housing payment | $2,459.39 | $2,252.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,509
Closing costs & prepaids$10,268
Usable credit−$0
Total buyer cash needed$25,777
Earnest money paid−$0
Remaining funds due$25,777
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,148.90
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)$377.75
Prepaid interest, first (9 days)$516.00
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 7 moOf the original 30-year loan at 6.99%
Interest already paid$51,286Through Dec 2026
Assumption only · ends Jul 2054$407,902
New conventional · ends Jan 2057$414,379