Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,696/mo
+$59/mo- Down payment
- $28,029
- Funds due
- $38,384
- Interest + MI left
- $481,936
- First ends
- Jul 2055
New loan
New conventional
$2,638/mo
Lowest payment- Down payment
- $37,500
- Funds due
- $45,687
- Interest + MI left
- $511,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $346,971 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,301.51 | $2,336.78 |
| Second P&I | — | — |
| Mortgage insurance | $161.31 | $67.50 |
| Taxes, insurance & HOA | $233.25 | $233.25 |
| Total housing payment | $2,696.07 | $2,637.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,029
Closing costs & prepaids$10,355
Usable credit−$0
Total buyer cash needed$38,384
Earnest money paid−$0
Remaining funds due$38,384
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$249.75
Prepaid interest, first (2 days)$129.85
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 8 moOf the original 30-year loan at 6.830%
Interest already paid$31,842Through Nov 2026
Assumption only · ends Jul 2055$481,936
New conventional · ends Dec 2056$511,841