Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,488/mo
+$328/mo- Down payment
- $22,449
- Funds due
- $34,081
- Interest + MI left
- $501,003
- First ends
- Jan 2053
New loan
New conventional
$3,160/mo
Lowest payment- Down payment
- $40,000
- Funds due
- $49,434
- 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 | $377,551 | $360,000 |
| Second mortgage | — | — |
| First P&I | $2,612.83 | $2,492.57 |
| Second P&I | — | — |
| Mortgage insurance | $279.59 | $72.00 |
| Taxes, insurance & HOA | $595.33 | $595.33 |
| Total housing payment | $3,487.75 | $3,159.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,449
Closing costs & prepaids$11,633
Usable credit−$0
Total buyer cash needed$34,081
Earnest money paid−$0
Remaining funds due$34,081
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)$1,336.00
Prepaid interest, first (1 days)$71.89
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 closing26 yr 2 moOf the original 30-year loan at 6.950%
Interest already paid$103,024Through Nov 2026
Assumption only · ends Jan 2053$501,003
New conventional · ends Dec 2056$545,964