Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,190/mo
+$59/mo- Down payment
- $23,941
- Funds due
- $33,436
- Interest + MI left
- $364,170
- First ends
- Aug 2054
New loan
New conventional
$2,131/mo
Lowest payment- Down payment
- $29,500
- Funds due
- $36,903
- Interest + MI left
- $402,649
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $271,059 | $265,500 |
| Second mortgage | — | — |
| First P&I | $1,822.65 | $1,838.27 |
| Second P&I | — | — |
| Mortgage insurance | $127.36 | $53.10 |
| Taxes, insurance & HOA | $239.67 | $239.67 |
| Total housing payment | $2,189.68 | $2,131.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,941
Closing costs & prepaids$9,495
Usable credit−$0
Total buyer cash needed$33,436
Earnest money paid−$0
Remaining funds due$33,436
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$269.00
Prepaid interest, first (1 days)$50.94
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 9 moOf the original 30-year loan at 6.860%
Interest already paid$42,397Through Nov 2026
Assumption only · ends Aug 2054$364,170
New conventional · ends Dec 2056$402,649