Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,727/mo
Lowest payment- Down payment
- $37,674
- Funds due
- $48,936
- Interest + MI left
- $476,250
- First ends
- Jul 2056
New loan
New conventional
$2,817/mo
+$91/mo- Down payment
- $39,950
- Funds due
- $49,087
- Interest + MI left
- $525,722
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $361,826 | $359,550 |
| Second mortgage | — | — |
| First P&I | $2,250.29 | $2,435.72 |
| Second P&I | — | — |
| Mortgage insurance | $166.63 | $71.91 |
| Taxes, insurance & HOA | $309.83 | $309.83 |
| Total housing payment | $2,726.75 | $2,817.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,674
Closing costs & prepaids$11,262
Usable credit−$0
Total buyer cash needed$48,936
Earnest money paid−$0
Remaining funds due$48,936
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,995.00
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)$479.50
Prepaid interest, first (9 days)$562.07
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 6.3%
Interest already paid$9,525Through Dec 2026
Assumption only · ends Jul 2056$476,250
New conventional · ends Jan 2057$525,722