Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,367/mo
Lowest payment- Down payment
- $31,134
- Funds due
- $41,397
- Interest + MI left
- $393,860
- First ends
- Apr 2056
New loan
New conventional
$2,508/mo
+$141/mo- Down payment
- $34,000
- Funds due
- $42,143
- Interest + MI left
- $464,070
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $308,866 | $306,000 |
| Second mortgage | — | — |
| First P&I | $1,896.71 | $2,118.68 |
| Second P&I | — | — |
| Mortgage insurance | $142.54 | $61.20 |
| Taxes, insurance & HOA | $327.92 | $327.92 |
| Total housing payment | $2,367.17 | $2,507.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,134
Closing costs & prepaids$10,263
Usable credit−$0
Total buyer cash needed$41,397
Earnest money paid−$0
Remaining funds due$41,397
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$533.75
Prepaid interest, first (2 days)$104.25
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 closing29 yr 5 moOf the original 30-year loan at 6.160%
Interest already paid$11,143Through Nov 2026
Assumption only · ends Apr 2056$393,860
New conventional · ends Dec 2056$464,070