Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,178/mo
+$114/mo- Down payment
- $25,539
- Funds due
- $36,685
- Interest + MI left
- $556,101
- First ends
- May 2055
New loan
New conventional
$3,063/mo
Lowest payment- Down payment
- $43,000
- Funds due
- $51,921
- Interest + MI left
- $586,912
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $404,461 | $387,000 |
| Second mortgage | — | — |
| First P&I | $2,682.61 | $2,679.51 |
| Second P&I | — | — |
| Mortgage insurance | $188.41 | $77.40 |
| Taxes, insurance & HOA | $306.50 | $306.50 |
| Total housing payment | $3,177.51 | $3,063.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,539
Closing costs & prepaids$11,145
Usable credit−$0
Total buyer cash needed$36,685
Earnest money paid−$0
Remaining funds due$36,685
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$469.50
Prepaid interest, first (2 days)$150.92
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 6 moOf the original 30-year loan at 6.810%
Interest already paid$41,678Through Nov 2026
Assumption only · ends May 2055$556,101
New conventional · ends Dec 2056$586,912