Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,330/mo
Lowest payment- Down payment
- $41,443
- Funds due
- $52,976
- Interest + MI left
- $254,551
- First ends
- Jun 2055
New loan
New conventional
$3,121/mo
+$791/mo- Down payment
- $44,500
- Funds due
- $54,173
- Interest + MI left
- $585,597
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $403,557 | $400,500 |
| Second mortgage | — | — |
| First P&I | $1,811.14 | $2,713.13 |
| Second P&I | — | — |
| Mortgage insurance | $190.74 | $80.10 |
| Taxes, insurance & HOA | $328.00 | $328.00 |
| Total housing payment | $2,329.88 | $3,121.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,443
Closing costs & prepaids$11,532
Usable credit−$0
Total buyer cash needed$52,976
Earnest money paid−$0
Remaining funds due$52,976
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$534.00
Prepaid interest, first (9 days)$323.40
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 closing28 yr 6 moOf the original 30-year loan at 3.25%
Interest already paid$20,000Through Dec 2026
Assumption only · ends Jun 2055$254,551
New conventional · ends Jan 2057$585,597