Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,276/mo
+$59/mo- Down payment
- $21,611
- Funds due
- $31,773
- Interest + MI left
- $389,366
- First ends
- Oct 2055
New loan
New conventional
$2,217/mo
Lowest payment- Down payment
- $30,950
- Funds due
- $39,025
- Interest + MI left
- $407,286
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $287,889 | $278,550 |
| Second mortgage | — | — |
| First P&I | $1,868.24 | $1,886.99 |
| Second P&I | — | — |
| Mortgage insurance | $133.66 | $55.71 |
| Taxes, insurance & HOA | $273.83 | $273.83 |
| Total housing payment | $2,275.73 | $2,216.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,611
Closing costs & prepaids$10,162
Usable credit−$0
Total buyer cash needed$31,773
Earnest money paid−$0
Remaining funds due$31,773
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,095.00
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)$371.50
Prepaid interest, first (9 days)$470.64
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 closing28 yr 10 moOf the original 30-year loan at 6.63%
Interest already paid$22,425Through Dec 2026
Assumption only · ends Oct 2055$389,366
New conventional · ends Jan 2057$407,286