Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,775/mo
+$119/mo- Down payment
- $28,815
- Funds due
- $39,397
- Interest + MI left
- $173,161
- First ends
- Apr 2045
New loan
New conventional
$2,656/mo
Lowest payment- Down payment
- $35,000
- Funds due
- $43,490
- Interest + MI left
- $477,719
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $321,185 | $315,000 |
| Second mortgage | — | — |
| First P&I | $2,057.76 | $2,181.00 |
| Second P&I | — | — |
| Mortgage insurance | $304.94 | $63.00 |
| Taxes, insurance & HOA | $412.33 | $412.33 |
| Total housing payment | $2,775.03 | $2,656.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,815
Closing costs & prepaids$10,583
Usable credit−$0
Total buyer cash needed$39,397
Earnest money paid−$0
Remaining funds due$39,397
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$787.00
Prepaid interest, first (2 days)$70.57
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 closing18 yr 5 moOf the original 30-year loan at 4.010%
Interest already paid$176,714Through Nov 2026
Assumption only · ends Apr 2045$173,161
New conventional · ends Dec 2056$477,719