Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,642/mo
+$41/mo- Down payment
- $21,612
- Funds due
- $31,864
- Interest + MI left
- $442,878
- First ends
- Dec 2054
New loan
New conventional
$2,601/mo
Lowest payment- Down payment
- $36,690
- Funds due
- $44,781
- Interest + MI left
- $500,786
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $345,288 | $330,210 |
| Second mortgage | — | — |
| First P&I | $2,231.73 | $2,286.31 |
| Second P&I | — | — |
| Mortgage insurance | $161.83 | $66.04 |
| Taxes, insurance & HOA | $248.92 | $248.92 |
| Total housing payment | $2,642.48 | $2,601.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,612
Closing costs & prepaids$10,252
Usable credit−$0
Total buyer cash needed$31,864
Earnest money paid−$0
Remaining funds due$31,864
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,669.00
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)$296.75
Prepaid interest, first (1 days)$61.49
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$43,534Through Nov 2026
Assumption only · ends Dec 2054$442,878
New conventional · ends Dec 2056$500,786