Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,812/mo
Lowest payment- Down payment
- $32,488
- Funds due
- $41,980
- Interest + MI left
- $282,238
- First ends
- Nov 2054
New loan
New conventional
$1,885/mo
+$73/mo- Down payment
- $25,990
- Funds due
- $33,480
- Interest + MI left
- $342,015
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $227,412 | $233,910 |
| Second mortgage | — | — |
| First P&I | $1,451.03 | $1,584.59 |
| Second P&I | — | — |
| Mortgage insurance | $106.88 | $46.78 |
| Taxes, insurance & HOA | $254.00 | $254.00 |
| Total housing payment | $1,811.92 | $1,885.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,488
Closing costs & prepaids$9,492
Usable credit−$0
Total buyer cash needed$41,980
Earnest money paid−$0
Remaining funds due$41,980
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,599.00
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)$312.00
Prepaid interest, first (9 days)$356.07
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 11 moOf the original 30-year loan at 6.35%
Interest already paid$30,491Through Dec 2026
Assumption only · ends Nov 2054$282,238
New conventional · ends Jan 2057$342,015