Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,247/mo
Lowest payment- Down payment
- $31,607
- Funds due
- $41,346
- Interest + MI left
- $373,751
- First ends
- Dec 2054
New loan
New conventional
$2,298/mo
+$51/mo- Down payment
- $32,300
- Funds due
- $39,923
- Interest + MI left
- $440,866
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $291,393 | $290,700 |
| Second mortgage | — | — |
| First P&I | $1,883.39 | $2,012.75 |
| Second P&I | — | — |
| Mortgage insurance | $136.57 | $58.14 |
| Taxes, insurance & HOA | $227.42 | $227.42 |
| Total housing payment | $2,247.37 | $2,298.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,607
Closing costs & prepaids$9,739
Usable credit−$0
Total buyer cash needed$41,346
Earnest money paid−$0
Remaining funds due$41,346
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,230.00
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)$232.25
Prepaid interest, first (1 days)$51.89
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 closing28 yr 1 moOf the original 30-year loan at 6.500%
Interest already paid$36,739Through Nov 2026
Assumption only · ends Dec 2054$373,751
New conventional · ends Dec 2056$440,866