Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,931/mo
Lowest payment- Down payment
- $35,077
- Funds due
- $46,269
- Interest + MI left
- $437,430
- First ends
- Apr 2054
New loan
New conventional
$2,934/mo
+$3/mo- Down payment
- $37,990
- Funds due
- $47,016
- Interest + MI left
- $518,530
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $344,823 | $341,910 |
| Second mortgage | — | — |
| First P&I | $2,270.07 | $2,367.32 |
| Second P&I | — | — |
| Mortgage insurance | $162.91 | $68.38 |
| Taxes, insurance & HOA | $497.92 | $497.92 |
| Total housing payment | $2,930.90 | $2,933.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,077
Closing costs & prepaids$11,192
Usable credit−$0
Total buyer cash needed$46,269
Earnest money paid−$0
Remaining funds due$46,269
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$1,043.75
Prepaid interest, first (2 days)$124.70
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 closing27 yr 5 moOf the original 30-year loan at 6.600%
Interest already paid$59,753Through Nov 2026
Assumption only · ends Apr 2054$437,430
New conventional · ends Dec 2056$518,530