Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,289/mo
+$5/mo- Down payment
- $35,669
- Funds due
- $45,401
- Interest + MI left
- $364,309
- First ends
- Oct 2053
New loan
New conventional
$2,283/mo
Lowest payment- Down payment
- $31,900
- Funds due
- $39,519
- Interest + MI left
- $435,406
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $283,331 | $287,100 |
| Second mortgage | — | — |
| First P&I | $1,915.90 | $1,987.82 |
| Second P&I | — | — |
| Mortgage insurance | $134.56 | $57.42 |
| Taxes, insurance & HOA | $238.17 | $238.17 |
| Total housing payment | $2,288.63 | $2,283.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,669
Closing costs & prepaids$9,732
Usable credit−$0
Total buyer cash needed$45,401
Earnest money paid−$0
Remaining funds due$45,401
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,190.00
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)$264.50
Prepaid interest, first (1 days)$52.86
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 closing26 yr 11 moOf the original 30-year loan at 6.810%
Interest already paid$60,635Through Nov 2026
Assumption only · ends Oct 2053$364,309
New conventional · ends Dec 2056$435,406