Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,236/mo
+$27/mo- Down payment
- $31,637
- Funds due
- $41,228
- Interest + MI left
- $357,921
- First ends
- Oct 2053
New loan
New conventional
$2,209/mo
Lowest payment- Down payment
- $31,000
- Funds due
- $38,486
- 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 | $278,363 | $279,000 |
| Second mortgage | — | — |
| First P&I | $1,882.31 | $1,931.74 |
| Second P&I | — | — |
| Mortgage insurance | $132.20 | $55.80 |
| Taxes, insurance & HOA | $221.33 | $221.33 |
| Total housing payment | $2,235.84 | $2,208.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,637
Closing costs & prepaids$9,591
Usable credit−$0
Total buyer cash needed$41,228
Earnest money paid−$0
Remaining funds due$41,228
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)$214.00
Prepaid interest, first (1 days)$51.94
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 closing26 yr 11 moOf the original 30-year loan at 6.810%
Interest already paid$59,572Through Nov 2026
Assumption only · ends Oct 2053$357,921
New conventional · ends Dec 2056$423,122