Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,080/mo
+$64/mo- Down payment
- $28,581
- Funds due
- $38,216
- Interest + MI left
- $318,083
- First ends
- Aug 2053
New loan
New conventional
$2,016/mo
Lowest payment- Down payment
- $27,950
- Funds due
- $35,523
- Interest + MI left
- $367,808
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $250,919 | $251,550 |
| Second mortgage | — | — |
| First P&I | $1,699.08 | $1,704.09 |
| Second P&I | — | — |
| Mortgage insurance | $119.58 | $50.31 |
| Taxes, insurance & HOA | $261.83 | $261.83 |
| Total housing payment | $2,080.49 | $2,016.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,581
Closing costs & prepaids$9,636
Usable credit−$0
Total buyer cash needed$38,216
Earnest money paid−$0
Remaining funds due$38,216
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,795.00
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)$335.50
Prepaid interest, first (6 days)$280.07
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 8 moOf the original 30-year loan at 6.79%
Interest already paid$57,991Through Dec 2026
Assumption only · ends Aug 2053$318,083
New conventional · ends Jan 2057$367,808