Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,327/mo
+$194/mo- Down payment
- $14,836
- Funds due
- $24,874
- Interest + MI left
- $384,444
- First ends
- Jul 2054
New loan
New conventional
$2,133/mo
Lowest payment- Down payment
- $29,700
- Funds due
- $37,628
- Interest + MI left
- $390,837
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $282,164 | $267,300 |
| Second mortgage | — | — |
| First P&I | $1,925.14 | $1,810.78 |
| Second P&I | — | — |
| Mortgage insurance | $132.76 | $53.46 |
| Taxes, insurance & HOA | $268.83 | $268.83 |
| Total housing payment | $2,326.74 | $2,133.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,836
Closing costs & prepaids$10,038
Usable credit−$0
Total buyer cash needed$24,874
Earnest money paid−$0
Remaining funds due$24,874
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,970.00
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)$356.50
Prepaid interest, first (9 days)$486.33
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 7 moOf the original 30-year loan at 6.99%
Interest already paid$48,337Through Dec 2026
Assumption only · ends Jul 2054$384,444
New conventional · ends Jan 2057$390,837