Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,827/mo
+$213/mo- Down payment
- $17,195
- Funds due
- $28,144
- Interest + MI left
- $464,597
- First ends
- Jun 2054
New loan
New conventional
$2,614/mo
Lowest payment- Down payment
- $36,900
- Funds due
- $45,677
- Interest + MI left
- $485,585
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $351,805 | $332,100 |
| Second mortgage | — | — |
| First P&I | $2,363.65 | $2,249.76 |
| Second P&I | — | — |
| Mortgage insurance | $165.84 | $66.42 |
| Taxes, insurance & HOA | $297.58 | $297.58 |
| Total housing payment | $2,827.07 | $2,613.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,195
Closing costs & prepaids$10,949
Usable credit−$0
Total buyer cash needed$28,144
Earnest money paid−$0
Remaining funds due$28,144
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,690.00
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)$442.75
Prepaid interest, first (9 days)$591.61
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 6 moOf the original 30-year loan at 6.82%
Interest already paid$60,890Through Dec 2026
Assumption only · ends Jun 2054$464,597
New conventional · ends Jan 2057$485,585