Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,610/mo
Lowest payment- Down payment
- $33,885
- Funds due
- $46,549
- Interest + MI left
- $543,014
- First ends
- Dec 2054
New loan
New conventional
$3,709/mo
+$99/mo- Down payment
- $48,900
- Funds due
- $59,288
- Interest + MI left
- $667,441
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $455,115 | $440,100 |
| Second mortgage | — | — |
| First P&I | $2,822.22 | $3,047.16 |
| Second P&I | — | — |
| Mortgage insurance | $213.68 | $88.02 |
| Taxes, insurance & HOA | $574.17 | $574.17 |
| Total housing payment | $3,610.07 | $3,709.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,885
Closing costs & prepaids$12,663
Usable credit−$0
Total buyer cash needed$46,549
Earnest money paid−$0
Remaining funds due$46,549
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,890.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,222.50
Prepaid interest, first (1 days)$75.94
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 1 moOf the original 30-year loan at 6.090%
Interest already paid$53,812Through Nov 2026
Assumption only · ends Dec 2054$543,014
New conventional · ends Dec 2056$667,441