Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,853/mo
+$5/mo- Down payment
- $17,628
- Funds due
- $28,323
- Interest + MI left
- $493,249
- First ends
- Dec 2055
New loan
New conventional
$2,849/mo
Lowest payment- Down payment
- $39,990
- Funds due
- $48,491
- Interest + MI left
- $545,828
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $382,272 | $359,910 |
| Second mortgage | — | — |
| First P&I | $2,391.54 | $2,491.94 |
| Second P&I | — | — |
| Mortgage insurance | $177.09 | $71.98 |
| Taxes, insurance & HOA | $284.75 | $284.75 |
| Total housing payment | $2,853.37 | $2,848.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,628
Closing costs & prepaids$10,694
Usable credit−$0
Total buyer cash needed$28,323
Earnest money paid−$0
Remaining funds due$28,323
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$404.25
Prepaid interest, first (1 days)$65.98
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 yr 1 moOf the original 30-year loan at 6.300%
Interest already paid$22,206Through Nov 2026
Assumption only · ends Dec 2055$493,249
New conventional · ends Dec 2056$545,828