Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,893/mo
Lowest payment- Down payment
- $25,840
- Funds due
- $37,810
- Interest + MI left
- $374,906
- First ends
- Apr 2056
New loan
New conventional
$3,356/mo
+$463/mo- Down payment
- $42,500
- Funds due
- $52,272
- Interest + MI left
- $580,087
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $399,160 | $382,500 |
| Second mortgage | — | — |
| First P&I | $2,077.06 | $2,648.35 |
| Second P&I | — | — |
| Mortgage insurance | $184.62 | $76.50 |
| Taxes, insurance & HOA | $631.42 | $631.42 |
| Total housing payment | $2,893.10 | $3,356.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,840
Closing costs & prepaids$11,970
Usable credit−$0
Total buyer cash needed$37,810
Earnest money paid−$0
Remaining funds due$37,810
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$1,444.25
Prepaid interest, first (1 days)$50.85
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 5 moOf the original 30-year loan at 4.650%
Interest already paid$10,884Through Nov 2026
Assumption only · ends Apr 2056$374,906
New conventional · ends Dec 2056$580,087