Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,990/mo
Lowest payment- Down payment
- $42,217
- Funds due
- $53,146
- Interest + MI left
- $489,390
- First ends
- Apr 2054
New loan
New conventional
$3,012/mo
+$22/mo- Down payment
- $42,800
- Funds due
- $51,509
- Interest + MI left
- $584,182
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $385,783 | $385,200 |
| Second mortgage | — | — |
| First P&I | $2,539.72 | $2,667.05 |
| Second P&I | — | — |
| Mortgage insurance | $182.26 | $77.04 |
| Taxes, insurance & HOA | $267.92 | $267.92 |
| Total housing payment | $2,989.90 | $3,012.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,217
Closing costs & prepaids$10,929
Usable credit−$0
Total buyer cash needed$53,146
Earnest money paid−$0
Remaining funds due$53,146
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,280.00
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)$353.75
Prepaid interest, first (1 days)$69.76
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 closing27 yr 5 moOf the original 30-year loan at 6.600%
Interest already paid$66,850Through Nov 2026
Assumption only · ends Apr 2054$489,390
New conventional · ends Dec 2056$584,182