Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,525/mo
+$59/mo- Down payment
- $31,361
- Funds due
- $41,430
- Interest + MI left
- $421,426
- First ends
- Apr 2054
New loan
New conventional
$2,466/mo
Lowest payment- Down payment
- $34,900
- Funds due
- $42,828
- Interest + MI left
- $476,354
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $317,639 | $314,100 |
| Second mortgage | — | — |
| First P&I | $2,146.64 | $2,174.76 |
| Second P&I | — | — |
| Mortgage insurance | $149.85 | $62.82 |
| Taxes, insurance & HOA | $228.17 | $228.17 |
| Total housing payment | $2,524.66 | $2,465.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,361
Closing costs & prepaids$10,069
Usable credit−$0
Total buyer cash needed$41,430
Earnest money paid−$0
Remaining funds due$41,430
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$234.50
Prepaid interest, first (2 days)$119.57
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.870%
Interest already paid$57,249Through Nov 2026
Assumption only · ends Apr 2054$421,426
New conventional · ends Dec 2056$476,354