Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,894/mo
+$2/mo- Down payment
- $31,319
- Funds due
- $42,075
- Interest + MI left
- $490,425
- First ends
- Nov 2054
New loan
New conventional
$2,892/mo
Lowest payment- Down payment
- $41,500
- Funds due
- $50,056
- Interest + MI left
- $566,438
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $383,681 | $373,500 |
| Second mortgage | — | — |
| First P&I | $2,482.48 | $2,586.04 |
| Second P&I | — | — |
| Mortgage insurance | $180.01 | $74.70 |
| Taxes, insurance & HOA | $231.58 | $231.58 |
| Total housing payment | $2,894.07 | $2,892.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,319
Closing costs & prepaids$10,756
Usable credit−$0
Total buyer cash needed$42,075
Earnest money paid−$0
Remaining funds due$42,075
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$244.75
Prepaid interest, first (2 days)$136.65
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 closing28 yrOf the original 30-year loan at 6.500%
Interest already paid$50,506Through Nov 2026
Assumption only · ends Nov 2054$490,425
New conventional · ends Dec 2056$566,438