Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,793/mo
Lowest payment- Down payment
- $32,241
- Funds due
- $41,360
- Interest + MI left
- $283,528
- First ends
- Nov 2054
New loan
New conventional
$1,901/mo
+$108/mo- Down payment
- $25,990
- Funds due
- $33,057
- Interest + MI left
- $354,740
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $227,659 | $233,910 |
| Second mortgage | — | — |
| First P&I | $1,451.03 | $1,619.55 |
| Second P&I | — | — |
| Mortgage insurance | $106.88 | $46.78 |
| Taxes, insurance & HOA | $235.00 | $235.00 |
| Total housing payment | $1,792.92 | $1,901.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,241
Closing costs & prepaids$9,119
Usable credit−$0
Total buyer cash needed$41,360
Earnest money paid−$0
Remaining funds due$41,360
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,599.00
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)$255.00
Prepaid interest, first (1 days)$39.61
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 6.350%
Interest already paid$29,286Through Nov 2026
Assumption only · ends Nov 2054$283,528
New conventional · ends Dec 2056$354,740