Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,153/mo
+$161/mo- Down payment
- $7,632
- Funds due
- $16,847
- Interest + MI left
- $360,970
- First ends
- Jun 2054
New loan
New conventional
$1,992/mo
Lowest payment- Down payment
- $28,000
- Funds due
- $35,135
- Interest + MI left
- $382,175
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $272,368 | $252,000 |
| Second mortgage | — | — |
| First P&I | $1,828.06 | $1,744.80 |
| Second P&I | — | — |
| Mortgage insurance | $128.26 | $50.40 |
| Taxes, insurance & HOA | $196.42 | $196.42 |
| Total housing payment | $2,152.73 | $1,991.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,632
Closing costs & prepaids$9,215
Usable credit−$0
Total buyer cash needed$16,847
Earnest money paid−$0
Remaining funds due$16,847
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$139.25
Prepaid interest, first (1 days)$50.89
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 7 moOf the original 30-year loan at 6.820%
Interest already paid$45,544Through Nov 2026
Assumption only · ends Jun 2054$360,970
New conventional · ends Dec 2056$382,175