Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,680/mo
Lowest payment- Down payment
- $40,183
- Funds due
- $50,801
- Interest + MI left
- $492,049
- First ends
- Aug 2056
New loan
New conventional
$2,803/mo
+$123/mo- Down payment
- $40,000
- Funds due
- $48,436
- Interest + MI left
- $545,964
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $359,817 | $360,000 |
| Second mortgage | — | — |
| First P&I | $2,275.79 | $2,492.57 |
| Second P&I | — | — |
| Mortgage insurance | $165.37 | $72.00 |
| Taxes, insurance & HOA | $238.42 | $238.42 |
| Total housing payment | $2,679.58 | $2,802.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,183
Closing costs & prepaids$10,618
Usable credit−$0
Total buyer cash needed$50,801
Earnest money paid−$0
Remaining funds due$50,801
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$265.25
Prepaid interest, first (2 days)$127.76
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 closing29 yr 9 moOf the original 30-year loan at 6.480%
Interest already paid$5,840Through Nov 2026
Assumption only · ends Aug 2056$492,049
New conventional · ends Dec 2056$545,964