Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,238/mo
+$84/mo- Down payment
- $36,735
- Funds due
- $48,239
- Interest + MI left
- $521,678
- First ends
- Aug 2054
New loan
New conventional
$3,154/mo
Lowest payment- Down payment
- $42,000
- Funds due
- $51,291
- Interest + MI left
- $573,262
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $383,265 | $378,000 |
| Second mortgage | — | — |
| First P&I | $2,597.20 | $2,617.20 |
| Second P&I | — | — |
| Mortgage insurance | $180.01 | $75.60 |
| Taxes, insurance & HOA | $460.92 | $460.92 |
| Total housing payment | $3,238.13 | $3,153.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,735
Closing costs & prepaids$11,503
Usable credit−$0
Total buyer cash needed$48,239
Earnest money paid−$0
Remaining funds due$48,239
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$932.75
Prepaid interest, first (2 days)$145.75
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 9 moOf the original 30-year loan at 6.940%
Interest already paid$60,634Through Nov 2026
Assumption only · ends Aug 2054$521,678
New conventional · ends Dec 2056$573,262