Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,033/mo
+$174/mo- Down payment
- $1,539
- Funds due
- $12,830
- Interest + MI left
- $466,108
- First ends
- Oct 2055
New loan
New conventional
$2,859/mo
Lowest payment- Down payment
- $34,500
- Funds due
- $43,647
- Interest + MI left
- $470,894
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $343,461 | $310,500 |
| Second mortgage | — | — |
| First P&I | $2,226.73 | $2,149.84 |
| Second P&I | — | — |
| Mortgage insurance | $159.31 | $62.10 |
| Taxes, insurance & HOA | $646.92 | $646.92 |
| Total housing payment | $3,032.95 | $2,858.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,539
Closing costs & prepaids$11,291
Usable credit−$0
Total buyer cash needed$12,830
Earnest money paid−$0
Remaining funds due$12,830
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$1,490.75
Prepaid interest, first (2 days)$124.77
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 11 moOf the original 30-year loan at 6.630%
Interest already paid$24,830Through Nov 2026
Assumption only · ends Oct 2055$466,108
New conventional · ends Dec 2056$470,894