Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,555/mo
+$454/mo- Down payment
- $20,044
- Funds due
- $31,699
- Interest + MI left
- $555,293
- First ends
- Jan 2053
New loan
New conventional
$3,101/mo
Lowest payment- Down payment
- $44,200
- Funds due
- $53,603
- Interest + MI left
- $581,649
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $421,956 | $397,800 |
| Second mortgage | — | — |
| First P&I | $2,915.28 | $2,694.84 |
| Second P&I | — | — |
| Mortgage insurance | $312.91 | $79.56 |
| Taxes, insurance & HOA | $326.83 | $326.83 |
| Total housing payment | $3,555.02 | $3,101.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,044
Closing costs & prepaids$11,655
Usable credit−$0
Total buyer cash needed$31,699
Earnest money paid−$0
Remaining funds due$31,699
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,420.00
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)$530.50
Prepaid interest, first (6 days)$479.99
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 1 moOf the original 30-year loan at 6.92%
Interest already paid$117,224Through Dec 2026
Assumption only · ends Jan 2053$555,293
New conventional · ends Jan 2057$581,649