Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,230/mo
+$14/mo- Down payment
- $21,835
- Funds due
- $31,446
- Interest + MI left
- $391,067
- First ends
- Oct 2055
New loan
New conventional
$2,216/mo
Lowest payment- Down payment
- $31,000
- Funds due
- $38,506
- Interest + MI left
- $423,122
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $288,165 | $279,000 |
| Second mortgage | — | — |
| First P&I | $1,868.24 | $1,931.74 |
| Second P&I | — | — |
| Mortgage insurance | $133.66 | $55.80 |
| Taxes, insurance & HOA | $228.08 | $228.08 |
| Total housing payment | $2,229.98 | $2,215.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,835
Closing costs & prepaids$9,612
Usable credit−$0
Total buyer cash needed$31,446
Earnest money paid−$0
Remaining funds due$31,446
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$234.25
Prepaid interest, first (1 days)$52.34
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 11 moOf the original 30-year loan at 6.630%
Interest already paid$20,833Through Nov 2026
Assumption only · ends Oct 2055$391,067
New conventional · ends Dec 2056$423,122