Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,625/mo
+$138/mo- Down payment
- $8,751
- Funds due
- $19,430
- Interest + MI left
- $424,995
- First ends
- Dec 2054
New loan
New conventional
$2,487/mo
Lowest payment- Down payment
- $35,000
- Funds due
- $43,553
- Interest + MI left
- $460,582
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $341,249 | $315,000 |
| Second mortgage | — | — |
| First P&I | $2,175.03 | $2,133.92 |
| Second P&I | — | — |
| Mortgage insurance | $160.21 | $63.00 |
| Taxes, insurance & HOA | $290.00 | $290.00 |
| Total housing payment | $2,625.24 | $2,486.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,751
Closing costs & prepaids$10,679
Usable credit−$0
Total buyer cash needed$19,430
Earnest money paid−$0
Remaining funds due$19,430
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Prepaid interest, first (9 days)$534.31
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 6.35%
Interest already paid$43,899Through Dec 2026
Assumption only · ends Dec 2054$424,995
New conventional · ends Jan 2057$460,582