Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,766/mo
+$31/mo- Down payment
- $31,028
- Funds due
- $41,897
- Interest + MI left
- $444,445
- First ends
- Jun 2055
New loan
New conventional
$2,735/mo
Lowest payment- Down payment
- $35,000
- Funds due
- $43,727
- Interest + MI left
- $477,717
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $318,971 | $314,999 |
| Second mortgage | — | — |
| First P&I | $2,126.18 | $2,180.99 |
| Second P&I | — | — |
| Mortgage insurance | $148.42 | $63.00 |
| Taxes, insurance & HOA | $491.50 | $491.50 |
| Total housing payment | $2,766.10 | $2,735.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,028
Closing costs & prepaids$10,870
Usable credit−$0
Total buyer cash needed$41,897
Earnest money paid−$0
Remaining funds due$41,897
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.99
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)$1,024.50
Prepaid interest, first (2 days)$120.07
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 closing28 yr 7 moOf the original 30-year loan at 6.870%
Interest already paid$31,297Through Nov 2026
Assumption only · ends Jun 2055$444,445
New conventional · ends Dec 2056$477,717