Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,123/mo
+$30/mo- Down payment
- $16,724
- Funds due
- $26,194
- Interest + MI left
- $345,161
- First ends
- Jan 2055
New loan
New conventional
$2,093/mo
Lowest payment- Down payment
- $28,490
- Funds due
- $35,880
- Interest + MI left
- $388,863
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $268,176 | $256,410 |
| Second mortgage | — | — |
| First P&I | $1,731.53 | $1,775.33 |
| Second P&I | — | — |
| Mortgage insurance | $125.56 | $51.28 |
| Taxes, insurance & HOA | $266.25 | $266.25 |
| Total housing payment | $2,123.33 | $2,092.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,724
Closing costs & prepaids$9,471
Usable credit−$0
Total buyer cash needed$26,194
Earnest money paid−$0
Remaining funds due$26,194
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,849.00
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)$348.75
Prepaid interest, first (1 days)$47.76
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 closing28 yr 2 moOf the original 30-year loan at 6.500%
Interest already paid$32,324Through Nov 2026
Assumption only · ends Jan 2055$345,161
New conventional · ends Dec 2056$388,863