Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,022/mo
Lowest payment- Down payment
- $20,973
- Funds due
- $32,305
- Interest + MI left
- $485,497
- First ends
- Jan 2056
New loan
New conventional
$3,114/mo
+$91/mo- Down payment
- $41,690
- Funds due
- $50,816
- Interest + MI left
- $569,031
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $395,927 | $375,210 |
| Second mortgage | — | — |
| First P&I | $2,398.20 | $2,597.88 |
| Second P&I | — | — |
| Mortgage insurance | $183.33 | $75.04 |
| Taxes, insurance & HOA | $440.92 | $440.92 |
| Total housing payment | $3,022.45 | $3,113.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,973
Closing costs & prepaids$11,332
Usable credit−$0
Total buyer cash needed$32,305
Earnest money paid−$0
Remaining funds due$32,305
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,169.00
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)$872.75
Prepaid interest, first (1 days)$65.08
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 closing29 yr 2 moOf the original 30-year loan at 6.000%
Interest already paid$19,909Through Nov 2026
Assumption only · ends Jan 2056$485,497
New conventional · ends Dec 2056$569,031