Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,337/mo
+$284/mo- Down payment
- $17,837
- Funds due
- $27,757
- Interest + MI left
- $393,365
- First ends
- Jan 2054
New loan
New conventional
$2,053/mo
Lowest payment- Down payment
- $28,500
- Funds due
- $36,286
- Interest + MI left
- $375,045
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $267,163 | $256,500 |
| Second mortgage | — | — |
| First P&I | $1,946.87 | $1,737.62 |
| Second P&I | — | — |
| Mortgage insurance | $126.01 | $51.30 |
| Taxes, insurance & HOA | $264.00 | $264.00 |
| Total housing payment | $2,336.88 | $2,052.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,837
Closing costs & prepaids$9,920
Usable credit−$0
Total buyer cash needed$27,757
Earnest money paid−$0
Remaining funds due$27,757
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$342.00
Prepaid interest, first (9 days)$502.63
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 closing27 yr 1 moOf the original 30-year loan at 7.63%
Interest already paid$60,376Through Dec 2026
Assumption only · ends Jan 2054$393,365
New conventional · ends Jan 2057$375,045