Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,112/mo
+$32/mo- Down payment
- $21,992
- Funds due
- $31,289
- Interest + MI left
- $381,722
- First ends
- Aug 2055
New loan
New conventional
$2,080/mo
Lowest payment- Down payment
- $30,000
- Funds due
- $37,200
- Interest + MI left
- $409,473
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $278,008 | $270,000 |
| Second mortgage | — | — |
| First P&I | $1,825.88 | $1,869.43 |
| Second P&I | — | — |
| Mortgage insurance | $129.16 | $54.00 |
| Taxes, insurance & HOA | $156.83 | $156.83 |
| Total housing payment | $2,111.88 | $2,080.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,992
Closing costs & prepaids$9,297
Usable credit−$0
Total buyer cash needed$31,289
Earnest money paid−$0
Remaining funds due$31,289
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$20.50
Prepaid interest, first (1 days)$51.34
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 9 moOf the original 30-year loan at 6.740%
Interest already paid$23,595Through Nov 2026
Assumption only · ends Aug 2055$381,722
New conventional · ends Dec 2056$409,473