Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,550/mo
Lowest payment- Down payment
- $41,749
- Funds due
- $52,833
- Interest + MI left
- $582,292
- First ends
- Jun 2064
New loan
New conventional
$2,917/mo
+$366/mo- Down payment
- $38,500
- Funds due
- $47,425
- Interest + MI left
- $525,491
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $343,251 | $346,500 |
| Second mortgage | — | — |
| First P&I | $1,942.17 | $2,399.10 |
| Second P&I | — | — |
| Mortgage insurance | $159.76 | $69.30 |
| Taxes, insurance & HOA | $448.25 | $448.25 |
| Total housing payment | $2,550.18 | $2,916.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,749
Closing costs & prepaids$11,084
Usable credit−$0
Total buyer cash needed$52,833
Earnest money paid−$0
Remaining funds due$52,833
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$579.75
Initial HOA (3 months)$315.00
Prepaid interest, first (2 days)$114.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing37 yr 7 moOf the original 40-year loan at 6.100%
Interest already paid$51,015Through Nov 2026
Assumption only · ends Jun 2064$582,292
New conventional · ends Dec 2056$525,491