Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,401/mo
Lowest payment- Down payment
- $39,986
- Funds due
- $50,193
- Interest + MI left
- $423,739
- First ends
- Jul 2056
New loan
New conventional
$2,536/mo
+$135/mo- Down payment
- $34,980
- Funds due
- $43,046
- Interest + MI left
- $477,446
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $309,814 | $314,820 |
| Second mortgage | — | — |
| First P&I | $1,965.40 | $2,179.75 |
| Second P&I | — | — |
| Mortgage insurance | $142.52 | $62.96 |
| Taxes, insurance & HOA | $293.00 | $293.00 |
| Total housing payment | $2,400.92 | $2,535.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,986
Closing costs & prepaids$10,207
Usable credit−$0
Total buyer cash needed$50,193
Earnest money paid−$0
Remaining funds due$50,193
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,498.00
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)$429.00
Prepaid interest, first (1 days)$55.17
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 8 moOf the original 30-year loan at 6.500%
Interest already paid$6,728Through Nov 2026
Assumption only · ends Jul 2056$423,739
New conventional · ends Dec 2056$477,446