Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,768/mo
+$282/mo- Down payment
- $30,530
- Funds due
- $41,275
- Interest + MI left
- $470,233
- First ends
- Jan 2054
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 | $319,370 | $314,910 |
| Second mortgage | — | — |
| First P&I | $2,327.31 | $2,133.31 |
| Second P&I | — | — |
| Mortgage insurance | $150.63 | $62.98 |
| Taxes, insurance & HOA | $290.00 | $290.00 |
| Total housing payment | $2,767.94 | $2,486.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,530
Closing costs & prepaids$10,745
Usable credit−$0
Total buyer cash needed$41,275
Earnest money paid−$0
Remaining funds due$41,275
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)$600.85
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$72,174Through Dec 2026
Assumption only · ends Jan 2054$470,233
New conventional · ends Jan 2057$460,451