Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,314/mo
+$5/mo- Down payment
- $34,184
- Funds due
- $43,983
- Interest + MI left
- $376,111
- First ends
- Apr 2054
New loan
New conventional
$2,308/mo
Lowest payment- Down payment
- $32,000
- Funds due
- $39,684
- Interest + MI left
- $436,771
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $285,816 | $288,000 |
| Second mortgage | — | — |
| First P&I | $1,922.28 | $1,994.05 |
| Second P&I | — | — |
| Mortgage insurance | $134.87 | $57.60 |
| Taxes, insurance & HOA | $256.83 | $256.83 |
| Total housing payment | $2,313.99 | $2,308.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,184
Closing costs & prepaids$9,799
Usable credit−$0
Total buyer cash needed$43,983
Earnest money paid−$0
Remaining funds due$43,983
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$320.50
Prepaid interest, first (1 days)$53.40
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 5 moOf the original 30-year loan at 6.820%
Interest already paid$51,146Through Nov 2026
Assumption only · ends Apr 2054$376,111
New conventional · ends Dec 2056$436,771