Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,511/mo
Lowest payment- Down payment
- $41,946
- Funds due
- $53,314
- Interest + MI left
- $580,415
- First ends
- Jun 2064
New loan
New conventional
$2,826/mo
+$315/mo- Down payment
- $38,500
- Funds due
- $47,780
- Interest + MI left
- $506,640
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $343,054 | $346,500 |
| Second mortgage | — | — |
| First P&I | $1,942.17 | $2,347.31 |
| Second P&I | — | — |
| Mortgage insurance | $159.76 | $69.30 |
| Taxes, insurance & HOA | $409.00 | $409.00 |
| Total housing payment | $2,510.93 | $2,825.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,946
Closing costs & prepaids$11,368
Usable credit−$0
Total buyer cash needed$53,314
Earnest money paid−$0
Remaining funds due$53,314
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$462.00
Initial HOA (3 months)$315.00
Prepaid interest, first (9 days)$515.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing37 yr 6 moOf the original 40-year loan at 6.1%
Interest already paid$52,760Through Dec 2026
Assumption only · ends Jun 2064$580,415
New conventional · ends Jan 2057$506,640