Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,493/mo
Lowest payment- Down payment
- $37,231
- Funds due
- $47,373
- Interest + MI left
- $418,829
- First ends
- Nov 2054
New loan
New conventional
$2,559/mo
+$66/mo- Down payment
- $36,490
- Funds due
- $44,475
- Interest + MI left
- $498,056
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $327,669 | $328,410 |
| Second mortgage | — | — |
| First P&I | $2,120.07 | $2,273.84 |
| Second P&I | — | — |
| Mortgage insurance | $153.73 | $65.68 |
| Taxes, insurance & HOA | $219.67 | $219.67 |
| Total housing payment | $2,493.47 | $2,559.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,231
Closing costs & prepaids$10,141
Usable credit−$0
Total buyer cash needed$47,373
Earnest money paid−$0
Remaining funds due$47,373
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,649.00
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)$209.00
Prepaid interest, first (1 days)$58.35
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 yrOf the original 30-year loan at 6.500%
Interest already paid$43,132Through Nov 2026
Assumption only · ends Nov 2054$418,829
New conventional · ends Dec 2056$498,056