Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,690/mo
+$103/mo- Down payment
- $19,973
- Funds due
- $30,838
- Interest + MI left
- $440,889
- First ends
- Dec 2054
New loan
New conventional
$2,586/mo
Lowest payment- Down payment
- $36,490
- Funds due
- $45,219
- Interest + MI left
- $480,190
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $344,927 | $328,410 |
| Second mortgage | — | — |
| First P&I | $2,231.73 | $2,224.76 |
| Second P&I | — | — |
| Mortgage insurance | $161.83 | $65.68 |
| Taxes, insurance & HOA | $296.00 | $296.00 |
| Total housing payment | $2,689.56 | $2,586.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,973
Closing costs & prepaids$10,865
Usable credit−$0
Total buyer cash needed$30,838
Earnest money paid−$0
Remaining funds due$30,838
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,649.00
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)$438.00
Prepaid interest, first (9 days)$552.83
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 yrOf the original 30-year loan at 6.5%
Interest already paid$45,404Through Dec 2026
Assumption only · ends Dec 2054$440,889
New conventional · ends Jan 2057$480,190