Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,978/mo
+$58/mo- Down payment
- $31,723
- Funds due
- $43,210
- Interest + MI left
- $488,202
- First ends
- Nov 2054
New loan
New conventional
$2,921/mo
Lowest payment- Down payment
- $41,500
- Funds due
- $50,819
- Interest + MI left
- $546,119
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $383,277 | $373,500 |
| Second mortgage | — | — |
| First P&I | $2,482.48 | $2,530.22 |
| Second P&I | — | — |
| Mortgage insurance | $180.01 | $74.70 |
| Taxes, insurance & HOA | $316.00 | $316.00 |
| Total housing payment | $2,978.49 | $2,920.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,723
Closing costs & prepaids$11,487
Usable credit−$0
Total buyer cash needed$43,210
Earnest money paid−$0
Remaining funds due$43,210
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Prepaid interest, first (9 days)$614.29
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 closing27 yr 11 moOf the original 30-year loan at 6.5%
Interest already paid$52,584Through Dec 2026
Assumption only · ends Nov 2054$488,202
New conventional · ends Jan 2057$546,119