Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,200/mo
+$280/mo- Down payment
- $19,943
- Funds due
- $31,263
- Interest + MI left
- $513,478
- First ends
- Oct 2053
New loan
New conventional
$2,920/mo
Lowest payment- Down payment
- $41,490
- Funds due
- $50,588
- Interest + MI left
- $545,986
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $394,956 | $373,409 |
| Second mortgage | — | — |
| First P&I | $2,696.62 | $2,529.60 |
| Second P&I | — | — |
| Mortgage insurance | $187.66 | $74.68 |
| Taxes, insurance & HOA | $316.00 | $316.00 |
| Total housing payment | $3,200.28 | $2,920.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,943
Closing costs & prepaids$11,320
Usable credit−$0
Total buyer cash needed$31,263
Earnest money paid−$0
Remaining funds due$31,263
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,148.99
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)$498.00
Prepaid interest, first (6 days)$447.98
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 10 moOf the original 30-year loan at 6.9%
Interest already paid$87,980Through Dec 2026
Assumption only · ends Oct 2053$513,478
New conventional · ends Jan 2057$545,986