Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,026/mo
+$212/mo- Down payment
- $33,749
- Funds due
- $45,093
- Interest + MI left
- $518,012
- First ends
- Aug 2054
New loan
New conventional
$2,814/mo
Lowest payment- Down payment
- $39,900
- Funds due
- $49,030
- Interest + MI left
- $525,062
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $365,250 | $359,099 |
| Second mortgage | — | — |
| First P&I | $2,544.93 | $2,432.66 |
| Second P&I | — | — |
| Mortgage insurance | $171.50 | $71.82 |
| Taxes, insurance & HOA | $309.58 | $309.58 |
| Total housing payment | $3,026.01 | $2,814.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,749
Closing costs & prepaids$11,344
Usable credit−$0
Total buyer cash needed$45,093
Earnest money paid−$0
Remaining funds due$45,093
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,989.99
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)$478.75
Prepaid interest, first (9 days)$650.25
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 8 moOf the original 30-year loan at 7.22%
Interest already paid$62,332Through Dec 2026
Assumption only · ends Aug 2054$518,012
New conventional · ends Jan 2057$525,062