Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,326/mo
+$228/mo- Down payment
- $19,839
- Funds due
- $31,007
- Interest + MI left
- $597,696
- First ends
- Apr 2055
New loan
New conventional
$3,098/mo
Lowest payment- Down payment
- $44,000
- Funds due
- $52,926
- Interest + MI left
- $600,561
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $420,161 | $396,000 |
| Second mortgage | — | — |
| First P&I | $2,853.13 | $2,741.82 |
| Second P&I | — | — |
| Mortgage insurance | $195.76 | $79.20 |
| Taxes, insurance & HOA | $276.83 | $276.83 |
| Total housing payment | $3,325.73 | $3,097.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,839
Closing costs & prepaids$11,168
Usable credit−$0
Total buyer cash needed$31,007
Earnest money paid−$0
Remaining funds due$31,007
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$380.50
Prepaid interest, first (2 days)$162.08
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 5 moOf the original 30-year loan at 7.040%
Interest already paid$47,249Through Nov 2026
Assumption only · ends Apr 2055$597,696
New conventional · ends Dec 2056$600,561