Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,198/mo
+$28/mo- Down payment
- $19,158
- Funds due
- $28,676
- Interest + MI left
- $365,366
- First ends
- Nov 2054
New loan
New conventional
$2,169/mo
Lowest payment- Down payment
- $30,500
- Funds due
- $37,918
- Interest + MI left
- $416,298
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $285,842 | $274,500 |
| Second mortgage | — | — |
| First P&I | $1,849.44 | $1,900.58 |
| Second P&I | — | — |
| Mortgage insurance | $134.11 | $54.90 |
| Taxes, insurance & HOA | $214.00 | $214.00 |
| Total housing payment | $2,197.55 | $2,169.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,158
Closing costs & prepaids$9,518
Usable credit−$0
Total buyer cash needed$28,676
Earnest money paid−$0
Remaining funds due$28,676
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
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)$192.00
Prepaid interest, first (1 days)$50.90
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 closing28 yrOf the original 30-year loan at 6.500%
Interest already paid$37,627Through Nov 2026
Assumption only · ends Nov 2054$365,366
New conventional · ends Dec 2056$416,298