Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,962/mo
Lowest payment- Down payment
- $24,674
- Funds due
- $34,227
- Interest + MI left
- $323,853
- First ends
- Sep 2056
New loan
New conventional
$2,031/mo
+$69/mo- Down payment
- $25,990
- Funds due
- $33,494
- Interest + MI left
- $354,740
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $235,226 | $233,910 |
| Second mortgage | — | — |
| First P&I | $1,489.49 | $1,619.55 |
| Second P&I | — | — |
| Mortgage insurance | $108.01 | $46.78 |
| Taxes, insurance & HOA | $365.00 | $365.00 |
| Total housing payment | $1,962.49 | $2,031.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,674
Closing costs & prepaids$9,553
Usable credit−$0
Total buyer cash needed$34,227
Earnest money paid−$0
Remaining funds due$34,227
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,599.00
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)$645.00
Prepaid interest, first (2 days)$83.78
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 closing29 yr 10 moOf the original 30-year loan at 6.500%
Interest already paid$2,552Through Nov 2026
Assumption only · ends Sep 2056$323,853
New conventional · ends Dec 2056$354,740