Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,505/mo
Lowest payment- Down payment
- $40,472
- Funds due
- $50,557
- Interest + MI left
- $425,758
- First ends
- May 2054
New loan
New conventional
$2,520/mo
+$15/mo- Down payment
- $36,500
- Funds due
- $44,432
- Interest + MI left
- $498,192
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $324,528 | $328,500 |
| Second mortgage | — | — |
| First P&I | $2,171.95 | $2,274.47 |
| Second P&I | — | — |
| Mortgage insurance | $153.01 | $65.70 |
| Taxes, insurance & HOA | $179.75 | $179.75 |
| Total housing payment | $2,504.71 | $2,519.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,472
Closing costs & prepaids$10,085
Usable credit−$0
Total buyer cash needed$50,557
Earnest money paid−$0
Remaining funds due$50,557
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$89.25
Prepaid interest, first (2 days)$120.56
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 closing27 yr 6 moOf the original 30-year loan at 6.780%
Interest already paid$55,845Through Nov 2026
Assumption only · ends May 2054$425,758
New conventional · ends Dec 2056$498,192