Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,208/mo
Lowest payment- Down payment
- $4,319
- Funds due
- $14,976
- Interest + MI left
- $233,112
- First ends
- Apr 2055
New loan
New conventional
$2,771/mo
+$562/mo- Down payment
- $37,500
- Funds due
- $46,017
- Interest + MI left
- $511,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $370,681 | $337,500 |
| Second mortgage | — | — |
| First P&I | $1,666.56 | $2,336.78 |
| Second P&I | — | — |
| Mortgage insurance | $175.51 | $67.50 |
| Taxes, insurance & HOA | $366.33 | $366.33 |
| Total housing payment | $2,208.41 | $2,770.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,319
Closing costs & prepaids$10,657
Usable credit−$0
Total buyer cash needed$14,976
Earnest money paid−$0
Remaining funds due$14,976
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$649.00
Prepaid interest, first (1 days)$33.01
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 5 moOf the original 30-year loan at 3.250%
Interest already paid$19,409Through Nov 2026
Assumption only · ends Apr 2055$233,112
New conventional · ends Dec 2056$511,841