Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,584/mo
+$181/mo- Down payment
- $22,254
- Funds due
- $34,254
- Interest + MI left
- $594,411
- First ends
- Apr 2055
New loan
New conventional
$3,403/mo
Lowest payment- Down payment
- $44,900
- Funds due
- $54,652
- Interest + MI left
- $612,845
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $426,746 | $404,100 |
| Second mortgage | — | — |
| First P&I | $2,861.19 | $2,797.91 |
| Second P&I | — | — |
| Mortgage insurance | $198.91 | $80.82 |
| Taxes, insurance & HOA | $524.17 | $524.17 |
| Total housing payment | $3,584.27 | $3,402.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,254
Closing costs & prepaids$11,999
Usable credit−$0
Total buyer cash needed$34,254
Earnest money paid−$0
Remaining funds due$34,254
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$1,122.50
Prepaid interest, first (2 days)$161.58
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 yr 5 moOf the original 30-year loan at 6.910%
Interest already paid$47,114Through Nov 2026
Assumption only · ends Apr 2055$594,411
New conventional · ends Dec 2056$612,845