Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,773/mo
+$32/mo- Down payment
- $17,732
- Funds due
- $28,830
- Interest + MI left
- $406,652
- First ends
- Nov 2055
New loan
New conventional
$2,741/mo
Lowest payment- Down payment
- $31,995
- Funds due
- $40,977
- Interest + MI left
- $436,703
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $302,218 | $287,955 |
| Second mortgage | — | — |
| First P&I | $1,943.64 | $1,993.74 |
| Second P&I | — | — |
| Mortgage insurance | $140.06 | $57.59 |
| Taxes, insurance & HOA | $689.58 | $689.58 |
| Total housing payment | $2,773.29 | $2,740.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,732
Closing costs & prepaids$11,098
Usable credit−$0
Total buyer cash needed$28,830
Earnest money paid−$0
Remaining funds due$28,830
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.50
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)$1,618.75
Prepaid interest, first (1 days)$54.32
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 closing29 yrOf the original 30-year loan at 6.560%
Interest already paid$19,947Through Nov 2026
Assumption only · ends Nov 2055$406,652
New conventional · ends Dec 2056$436,703