Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,258/mo
Lowest payment- Down payment
- $37,455
- Funds due
- $47,207
- Interest + MI left
- $372,345
- First ends
- Apr 2054
New loan
New conventional
$2,303/mo
+$45/mo- Down payment
- $32,900
- Funds due
- $40,537
- Interest + MI left
- $449,056
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $291,545 | $296,100 |
| Second mortgage | — | — |
| First P&I | $1,926.84 | $2,050.14 |
| Second P&I | — | — |
| Mortgage insurance | $137.71 | $59.22 |
| Taxes, insurance & HOA | $193.75 | $193.75 |
| Total housing payment | $2,258.30 | $2,303.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,455
Closing costs & prepaids$9,752
Usable credit−$0
Total buyer cash needed$47,207
Earnest money paid−$0
Remaining funds due$47,207
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,290.00
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)$131.25
Prepaid interest, first (2 days)$106.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 6.640%
Interest already paid$50,820Through Nov 2026
Assumption only · ends Apr 2054$372,345
New conventional · ends Dec 2056$449,056