Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,271/mo
Lowest payment- Down payment
- $28,303
- Funds due
- $38,081
- Interest + MI left
- $390,411
- First ends
- May 2055
New loan
New conventional
$2,307/mo
+$36/mo- Down payment
- $32,750
- Funds due
- $40,413
- Interest + MI left
- $447,008
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $299,197 | $294,750 |
| Second mortgage | — | — |
| First P&I | $1,923.92 | $2,040.79 |
| Second P&I | — | — |
| Mortgage insurance | $139.51 | $58.95 |
| Taxes, insurance & HOA | $207.08 | $207.08 |
| Total housing payment | $2,270.51 | $2,306.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,303
Closing costs & prepaids$9,778
Usable credit−$0
Total buyer cash needed$38,081
Earnest money paid−$0
Remaining funds due$38,081
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,275.00
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)$171.25
Prepaid interest, first (2 days)$106.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 yr 6 moOf the original 30-year loan at 6.500%
Interest already paid$29,443Through Nov 2026
Assumption only · ends May 2055$390,411
New conventional · ends Dec 2056$447,008