Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,520/mo
Lowest payment- Down payment
- $38,923
- Funds due
- $49,410
- Interest + MI left
- $403,604
- First ends
- Jun 2055
New loan
New conventional
$2,599/mo
+$78/mo- Down payment
- $33,990
- Funds due
- $42,345
- Interest + MI left
- $463,933
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $300,977 | $305,910 |
| Second mortgage | — | — |
| First P&I | $1,960.84 | $2,118.06 |
| Second P&I | — | — |
| Mortgage insurance | $140.14 | $61.18 |
| Taxes, insurance & HOA | $419.50 | $419.50 |
| Total housing payment | $2,520.47 | $2,598.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,923
Closing costs & prepaids$10,487
Usable credit−$0
Total buyer cash needed$49,410
Earnest money paid−$0
Remaining funds due$49,410
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$808.50
Prepaid interest, first (1 days)$54.75
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 closing28 yr 7 moOf the original 30-year loan at 6.640%
Interest already paid$28,554Through Nov 2026
Assumption only · ends Jun 2055$403,604
New conventional · ends Dec 2056$463,933