Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,491/mo
Lowest payment- Down payment
- $38,345
- Funds due
- $48,769
- Interest + MI left
- $416,907
- First ends
- Jan 2056
New loan
New conventional
$2,655/mo
+$164/mo- Down payment
- $36,500
- Funds due
- $44,771
- 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 | $326,655 | $328,500 |
| Second mortgage | — | — |
| First P&I | $2,024.68 | $2,274.47 |
| Second P&I | — | — |
| Mortgage insurance | $151.19 | $65.70 |
| Taxes, insurance & HOA | $314.67 | $314.67 |
| Total housing payment | $2,490.54 | $2,654.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,345
Closing costs & prepaids$10,425
Usable credit−$0
Total buyer cash needed$48,769
Earnest money paid−$0
Remaining funds due$48,769
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)$308.00
Initial HOA (3 months)$186.00
Prepaid interest, first (1 days)$55.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2 moOf the original 30-year loan at 6.220%
Interest already paid$17,024Through Nov 2026
Assumption only · ends Jan 2056$416,907
New conventional · ends Dec 2056$498,192