Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,781/mo
+$294/mo- Down payment
- $32,556
- Funds due
- $43,240
- Interest + MI left
- $328,298
- First ends
- Jan 2049
New loan
New conventional
$2,486/mo
Lowest payment- Down payment
- $34,990
- Funds due
- $43,542
- Interest + MI left
- $460,451
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $317,344 | $314,910 |
| Second mortgage | — | — |
| First P&I | $2,337.89 | $2,133.31 |
| Second P&I | — | — |
| Mortgage insurance | $152.85 | $62.98 |
| Taxes, insurance & HOA | $290.00 | $290.00 |
| Total housing payment | $2,780.74 | $2,486.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,556
Closing costs & prepaids$10,685
Usable credit−$0
Total buyer cash needed$43,240
Earnest money paid−$0
Remaining funds due$43,240
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$420.00
Prepaid interest, first (9 days)$540.70
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 closing22 yr 1 moOf the original 25-year loan at 6.91%
Interest already paid$65,685Through Dec 2026
Assumption only · ends Jan 2049$328,298
New conventional · ends Jan 2057$460,451