Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,500/mo
Lowest payment- Down payment
- $29,226
- Funds due
- $39,195
- Interest + MI left
- $432,138
- First ends
- Nov 2054
New loan
New conventional
$2,502/mo
+$1/mo- Down payment
- $36,500
- Funds due
- $44,311
- Interest + MI left
- $498,192
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $335,774 | $328,500 |
| Second mortgage | — | — |
| First P&I | $2,181.18 | $2,274.47 |
| Second P&I | — | — |
| Mortgage insurance | $157.51 | $65.70 |
| Taxes, insurance & HOA | $161.42 | $161.42 |
| Total housing payment | $2,500.11 | $2,501.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,226
Closing costs & prepaids$9,969
Usable credit−$0
Total buyer cash needed$39,195
Earnest money paid−$0
Remaining funds due$39,195
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$34.25
Prepaid interest, first (1 days)$60.16
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 6.540%
Interest already paid$44,467Through Nov 2026
Assumption only · ends Nov 2054$432,138
New conventional · ends Dec 2056$498,192