Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,487/mo
+$67/mo- Down payment
- $33,762
- Funds due
- $44,301
- Interest + MI left
- $384,388
- First ends
- Sep 2053
New loan
New conventional
$2,420/mo
Lowest payment- Down payment
- $33,990
- Funds due
- $42,424
- Interest + MI left
- $447,291
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $306,138 | $305,910 |
| Second mortgage | — | — |
| First P&I | $2,054.94 | $2,072.34 |
| Second P&I | — | — |
| Mortgage insurance | $145.81 | $61.18 |
| Taxes, insurance & HOA | $286.00 | $286.00 |
| Total housing payment | $2,486.75 | $2,419.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,762
Closing costs & prepaids$10,539
Usable credit−$0
Total buyer cash needed$44,301
Earnest money paid−$0
Remaining funds due$44,301
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$408.00
Prepaid interest, first (9 days)$506.51
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 9 moOf the original 30-year loan at 6.71%
Interest already paid$68,150Through Dec 2026
Assumption only · ends Sep 2053$384,388
New conventional · ends Jan 2057$447,291