Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,321/mo
Lowest payment- Down payment
- $47,135
- Funds due
- $59,128
- Interest + MI left
- $514,945
- First ends
- Nov 2054
New loan
New conventional
$3,410/mo
+$90/mo- Down payment
- $45,000
- Funds due
- $54,764
- Interest + MI left
- $614,208
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $402,864 | $404,999 |
| Second mortgage | — | — |
| First P&I | $2,606.60 | $2,804.13 |
| Second P&I | — | — |
| Mortgage insurance | $189.01 | $81.00 |
| Taxes, insurance & HOA | $525.00 | $525.00 |
| Total housing payment | $3,320.61 | $3,410.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,135
Closing costs & prepaids$11,993
Usable credit−$0
Total buyer cash needed$59,128
Earnest money paid−$0
Remaining funds due$59,128
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.99
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)$1,125.00
Prepaid interest, first (2 days)$143.49
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 closing28 yrOf the original 30-year loan at 6.500%
Interest already paid$53,031Through Nov 2026
Assumption only · ends Nov 2054$514,945
New conventional · ends Dec 2056$614,208