Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,245/mo
Lowest payment- Down payment
- $32,953
- Funds due
- $42,988
- Interest + MI left
- $326,555
- First ends
- Apr 2053
New loan
New conventional
$2,247/mo
+$1/mo- Down payment
- $31,400
- Funds due
- $39,361
- Interest + MI left
- $413,208
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $281,047 | $282,600 |
| Second mortgage | — | — |
| First P&I | $1,834.82 | $1,914.43 |
| Second P&I | — | — |
| Mortgage insurance | $135.01 | $56.52 |
| Taxes, insurance & HOA | $275.58 | $275.58 |
| Total housing payment | $2,245.41 | $2,246.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,953
Closing costs & prepaids$10,036
Usable credit−$0
Total buyer cash needed$42,988
Earnest money paid−$0
Remaining funds due$42,988
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,140.00
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)$376.75
Prepaid interest, first (6 days)$293.83
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 4 moOf the original 30-year loan at 6.36%
Interest already paid$67,213Through Dec 2026
Assumption only · ends Apr 2053$326,555
New conventional · ends Jan 2057$413,208