Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,381/mo
Lowest payment- Down payment
- $39,452
- Funds due
- $49,504
- Interest + MI left
- $357,439
- First ends
- Jul 2053
New loan
New conventional
$2,452/mo
+$71/mo- Down payment
- $33,900
- Funds due
- $41,823
- Interest + MI left
- $462,705
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $299,548 | $305,100 |
| Second mortgage | — | — |
| First P&I | $1,959.44 | $2,112.45 |
| Second P&I | — | — |
| Mortgage insurance | $143.13 | $61.02 |
| Taxes, insurance & HOA | $278.25 | $278.25 |
| Total housing payment | $2,380.82 | $2,451.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,452
Closing costs & prepaids$10,053
Usable credit−$0
Total buyer cash needed$49,504
Earnest money paid−$0
Remaining funds due$49,504
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$384.75
Prepaid interest, first (1 days)$52.77
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 closing26 yr 8 moOf the original 30-year loan at 6.430%
Interest already paid$65,650Through Nov 2026
Assumption only · ends Jul 2053$357,439
New conventional · ends Dec 2056$462,705