Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,397/mo
Lowest payment- Down payment
- $38,273
- Funds due
- $48,889
- Interest + MI left
- $421,948
- First ends
- Jul 2056
New loan
New conventional
$2,472/mo
+$75/mo- Down payment
- $34,780
- Funds due
- $43,307
- Interest + MI left
- $457,687
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $309,527 | $313,020 |
| Second mortgage | — | — |
| First P&I | $1,965.40 | $2,120.51 |
| Second P&I | — | — |
| Mortgage insurance | $142.52 | $62.60 |
| Taxes, insurance & HOA | $289.08 | $289.08 |
| Total housing payment | $2,397.00 | $2,472.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,273
Closing costs & prepaids$10,616
Usable credit−$0
Total buyer cash needed$48,889
Earnest money paid−$0
Remaining funds due$48,889
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,478.00
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)$417.25
Prepaid interest, first (9 days)$496.09
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 closing29 yr 7 moOf the original 30-year loan at 6.5%
Interest already paid$8,406Through Dec 2026
Assumption only · ends Jul 2056$421,948
New conventional · ends Jan 2057$457,687