Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,327/mo
+$83/mo- Down payment
- $12,404
- Funds due
- $21,963
- Interest + MI left
- $398,878
- First ends
- Nov 2054
New loan
New conventional
$2,243/mo
Lowest payment- Down payment
- $32,500
- Funds due
- $39,938
- Interest + MI left
- $443,596
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $312,596 | $292,500 |
| Second mortgage | — | — |
| First P&I | $2,020.53 | $2,025.21 |
| Second P&I | — | — |
| Mortgage insurance | $146.67 | $58.50 |
| Taxes, insurance & HOA | $159.58 | $159.58 |
| Total housing payment | $2,326.78 | $2,243.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,404
Closing costs & prepaids$9,559
Usable credit−$0
Total buyer cash needed$21,963
Earnest money paid−$0
Remaining funds due$21,963
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$28.75
Prepaid interest, first (1 days)$55.58
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 6.490%
Interest already paid$41,086Through Nov 2026
Assumption only · ends Nov 2054$398,878
New conventional · ends Dec 2056$443,596