Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,428/mo
+$276/mo- Down payment
- $18,625
- Funds due
- $28,729
- Interest + MI left
- $406,135
- First ends
- Jan 2054
New loan
New conventional
$2,152/mo
Lowest payment- Down payment
- $29,990
- Funds due
- $37,952
- Interest + MI left
- $394,653
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $281,275 | $269,910 |
| Second mortgage | — | — |
| First P&I | $2,025.32 | $1,828.46 |
| Second P&I | — | — |
| Mortgage insurance | $132.76 | $53.98 |
| Taxes, insurance & HOA | $270.00 | $270.00 |
| Total housing payment | $2,428.08 | $2,152.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,625
Closing costs & prepaids$10,104
Usable credit−$0
Total buyer cash needed$28,729
Earnest money paid−$0
Remaining funds due$28,729
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$360.00
Prepaid interest, first (9 days)$520.17
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 7.5%
Interest already paid$62,505Through Dec 2026
Assumption only · ends Jan 2054$406,135
New conventional · ends Jan 2057$394,653