Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,328/mo
+$48/mo- Down payment
- $35,977
- Funds due
- $46,250
- Interest + MI left
- $362,594
- First ends
- Oct 2053
New loan
New conventional
$2,280/mo
Lowest payment- Down payment
- $31,900
- Funds due
- $40,087
- Interest + MI left
- $419,788
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $283,023 | $287,100 |
| Second mortgage | — | — |
| First P&I | $1,915.90 | $1,944.92 |
| Second P&I | — | — |
| Mortgage insurance | $134.56 | $57.42 |
| Taxes, insurance & HOA | $277.58 | $277.58 |
| Total housing payment | $2,328.05 | $2,279.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,977
Closing costs & prepaids$10,273
Usable credit−$0
Total buyer cash needed$46,250
Earnest money paid−$0
Remaining funds due$46,250
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,190.00
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)$382.75
Prepaid interest, first (9 days)$475.25
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 closing26 yr 10 moOf the original 30-year loan at 6.81%
Interest already paid$62,243Through Dec 2026
Assumption only · ends Oct 2053$362,594
New conventional · ends Jan 2057$419,788