Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,486/mo
+$141/mo- Down payment
- $9,973
- Funds due
- $20,017
- Interest + MI left
- $413,252
- First ends
- Aug 2055
New loan
New conventional
$2,345/mo
Lowest payment- Down payment
- $30,550
- Funds due
- $38,489
- Interest + MI left
- $416,980
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $295,527 | $274,950 |
| Second mortgage | — | — |
| First P&I | $1,962.34 | $1,903.70 |
| Second P&I | — | — |
| Mortgage insurance | $137.26 | $54.99 |
| Taxes, insurance & HOA | $386.33 | $386.33 |
| Total housing payment | $2,485.93 | $2,345.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,973
Closing costs & prepaids$10,044
Usable credit−$0
Total buyer cash needed$20,017
Earnest money paid−$0
Remaining funds due$20,017
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,055.00
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)$709.00
Prepaid interest, first (1 days)$55.46
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 9 moOf the original 30-year loan at 6.850%
Interest already paid$25,487Through Nov 2026
Assumption only · ends Aug 2055$413,252
New conventional · ends Dec 2056$416,980