Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,344/mo
+$8/mo- Down payment
- $28,606
- Funds due
- $38,978
- Interest + MI left
- $388,683
- First ends
- May 2055
New loan
New conventional
$2,337/mo
Lowest payment- Down payment
- $32,750
- Funds due
- $41,037
- Interest + MI left
- $430,973
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $298,894 | $294,750 |
| Second mortgage | — | — |
| First P&I | $1,923.92 | $1,996.74 |
| Second P&I | — | — |
| Mortgage insurance | $139.51 | $58.95 |
| Taxes, insurance & HOA | $281.00 | $281.00 |
| Total housing payment | $2,344.43 | $2,336.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,606
Closing costs & prepaids$10,372
Usable credit−$0
Total buyer cash needed$38,978
Earnest money paid−$0
Remaining funds due$38,978
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,275.00
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)$393.00
Prepaid interest, first (9 days)$479.05
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 5 moOf the original 30-year loan at 6.5%
Interest already paid$31,063Through Dec 2026
Assumption only · ends May 2055$388,683
New conventional · ends Jan 2057$430,973