Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,555/mo
Lowest payment- Down payment
- $27,392
- Funds due
- $38,390
- Interest + MI left
- $329,103
- First ends
- Dec 2054
New loan
New conventional
$2,659/mo
+$104/mo- Down payment
- $30,322
- Funds due
- $39,227
- Interest + MI left
- $413,871
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $275,830 | $272,900 |
| Second mortgage | — | — |
| First P&I | $1,710.46 | $1,889.50 |
| Second P&I | — | — |
| Mortgage insurance | $129.51 | $54.58 |
| Taxes, insurance & HOA | $715.08 | $715.08 |
| Total housing payment | $2,555.04 | $2,659.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,392
Closing costs & prepaids$10,998
Usable credit−$0
Total buyer cash needed$38,390
Earnest money paid−$0
Remaining funds due$38,390
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,032.22
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)$1,695.25
Prepaid interest, first (1 days)$46.02
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 closing28 yr 1 moOf the original 30-year loan at 6.090%
Interest already paid$32,614Through Nov 2026
Assumption only · ends Dec 2054$329,103
New conventional · ends Dec 2056$413,871