Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,221/mo
+$135/mo- Down payment
- $12,157
- Funds due
- $22,090
- Interest + MI left
- $380,057
- First ends
- Aug 2055
New loan
New conventional
$2,086/mo
Lowest payment- Down payment
- $28,990
- Funds due
- $36,834
- Interest + MI left
- $381,494
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $277,743 | $260,910 |
| Second mortgage | — | — |
| First P&I | $1,825.88 | $1,767.50 |
| Second P&I | — | — |
| Mortgage insurance | $129.16 | $52.18 |
| Taxes, insurance & HOA | $266.00 | $266.00 |
| Total housing payment | $2,221.04 | $2,085.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,157
Closing costs & prepaids$9,934
Usable credit−$0
Total buyer cash needed$22,090
Earnest money paid−$0
Remaining funds due$22,090
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,899.00
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)$348.00
Prepaid interest, first (9 days)$461.59
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 8 moOf the original 30-year loan at 6.74%
Interest already paid$25,156Through Dec 2026
Assumption only · ends Aug 2055$380,057
New conventional · ends Jan 2057$381,494