Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,859/mo
Lowest payment- Down payment
- $30,741
- Funds due
- $40,215
- Interest + MI left
- $286,919
- First ends
- Mar 2054
New loan
New conventional
$1,866/mo
+$7/mo- Down payment
- $25,700
- Funds due
- $33,156
- Interest + MI left
- $338,199
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $226,259 | $231,300 |
| Second mortgage | — | — |
| First P&I | $1,498.59 | $1,566.91 |
| Second P&I | — | — |
| Mortgage insurance | $107.10 | $46.26 |
| Taxes, insurance & HOA | $252.83 | $252.83 |
| Total housing payment | $1,858.53 | $1,866.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,741
Closing costs & prepaids$9,474
Usable credit−$0
Total buyer cash needed$40,215
Earnest money paid−$0
Remaining funds due$40,215
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,570.00
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)$308.50
Prepaid interest, first (9 days)$370.44
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 3 moOf the original 30-year loan at 6.64%
Interest already paid$42,033Through Dec 2026
Assumption only · ends Mar 2054$286,919
New conventional · ends Jan 2057$338,199