Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,588/mo
+$55/mo- Down payment
- $26,296
- Funds due
- $36,498
- Interest + MI left
- $427,164
- First ends
- Sep 2054
New loan
New conventional
$2,533/mo
Lowest payment- Down payment
- $35,000
- Funds due
- $43,056
- Interest + MI left
- $477,719
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $323,704 | $315,000 |
| Second mortgage | — | — |
| First P&I | $2,147.02 | $2,181.00 |
| Second P&I | — | — |
| Mortgage insurance | $152.03 | $63.00 |
| Taxes, insurance & HOA | $289.08 | $289.08 |
| Total housing payment | $2,588.14 | $2,533.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,296
Closing costs & prepaids$10,202
Usable credit−$0
Total buyer cash needed$36,498
Earnest money paid−$0
Remaining funds due$36,498
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$417.25
Prepaid interest, first (1 days)$59.69
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 30-year loan at 6.730%
Interest already paid$47,821Through Nov 2026
Assumption only · ends Sep 2054$427,164
New conventional · ends Dec 2056$477,719