Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,689/mo
Lowest payment- Down payment
- $51,615
- Funds due
- $64,058
- Interest + MI left
- $660,627
- First ends
- Dec 2055
New loan
New conventional
$3,850/mo
+$161/mo- Down payment
- $56,000
- Funds due
- $66,097
- Interest + MI left
- $764,350
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $508,385 | $504,000 |
| Second mortgage | — | — |
| First P&I | $3,193.67 | $3,489.59 |
| Second P&I | — | — |
| Mortgage insurance | $235.49 | $100.80 |
| Taxes, insurance & HOA | $260.00 | $260.00 |
| Total housing payment | $3,689.16 | $3,850.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,615
Closing costs & prepaids$12,443
Usable credit−$0
Total buyer cash needed$64,058
Earnest money paid−$0
Remaining funds due$64,058
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,600.00
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)$280.00
Prepaid interest, first (1 days)$88.31
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 closing29 yr 1 moOf the original 30-year loan at 6.340%
Interest already paid$29,719Through Nov 2026
Assumption only · ends Dec 2055$660,627
New conventional · ends Dec 2056$764,350