Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,837/mo
+$50/mo- Down payment
- $38,166
- Funds due
- $49,387
- Interest + MI left
- $426,248
- First ends
- May 2053
New loan
New conventional
$2,787/mo
Lowest payment- Down payment
- $39,500
- Funds due
- $48,583
- Interest + MI left
- $519,800
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $356,834 | $355,500 |
| Second mortgage | — | — |
| First P&I | $2,358.35 | $2,408.28 |
| Second P&I | — | — |
| Mortgage insurance | $171.01 | $71.10 |
| Taxes, insurance & HOA | $308.00 | $308.00 |
| Total housing payment | $2,837.37 | $2,787.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,166
Closing costs & prepaids$11,221
Usable credit−$0
Total buyer cash needed$49,387
Earnest money paid−$0
Remaining funds due$49,387
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Prepaid interest, first (9 days)$571.91
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 closing26 yr 5 moOf the original 30-year loan at 6.5%
Interest already paid$85,126Through Dec 2026
Assumption only · ends May 2053$426,248
New conventional · ends Jan 2057$519,800