Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,685/mo
+$118/mo- Down payment
- $24,908
- Funds due
- $35,737
- Interest + MI left
- $424,517
- First ends
- Feb 2054
New loan
New conventional
$2,567/mo
Lowest payment- Down payment
- $36,200
- Funds due
- $44,894
- Interest + MI left
- $476,373
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $337,092 | $325,800 |
| Second mortgage | — | — |
| First P&I | $2,230.78 | $2,207.08 |
| Second P&I | — | — |
| Mortgage insurance | $159.76 | $65.16 |
| Taxes, insurance & HOA | $294.83 | $294.83 |
| Total housing payment | $2,685.37 | $2,567.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,908
Closing costs & prepaids$10,830
Usable credit−$0
Total buyer cash needed$35,737
Earnest money paid−$0
Remaining funds due$35,737
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,620.00
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)$434.50
Prepaid interest, first (9 days)$550.25
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 2 moOf the original 30-year loan at 6.62%
Interest already paid$64,369Through Dec 2026
Assumption only · ends Feb 2054$424,517
New conventional · ends Jan 2057$476,373