Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,456/mo
+$103/mo- Down payment
- $10,939
- Funds due
- $21,297
- Interest + MI left
- $331,901
- First ends
- Dec 2052
New loan
New conventional
$2,353/mo
Lowest payment- Down payment
- $33,000
- Funds due
- $41,317
- Interest + MI left
- $434,263
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $319,061 | $297,000 |
| Second mortgage | — | — |
| First P&I | $1,934.03 | $2,011.98 |
| Second P&I | — | — |
| Mortgage insurance | $239.95 | $59.40 |
| Taxes, insurance & HOA | $282.00 | $282.00 |
| Total housing payment | $2,455.98 | $2,353.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,939
Closing costs & prepaids$10,358
Usable credit−$0
Total buyer cash needed$21,297
Earnest money paid−$0
Remaining funds due$21,297
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Prepaid interest, first (9 days)$436.63
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 yrOf the original 30-year loan at 5.55%
Interest already paid$73,143Through Dec 2026
Assumption only · ends Dec 2052$331,901
New conventional · ends Jan 2057$434,263