Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,671/mo
+$25/mo- Down payment
- $38,215
- Funds due
- $48,555
- Interest + MI left
- $446,851
- First ends
- Mar 2054
New loan
New conventional
$2,646/mo
Lowest payment- Down payment
- $37,900
- Funds due
- $46,072
- Interest + MI left
- $517,301
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $340,785 | $341,100 |
| Second mortgage | — | — |
| First P&I | $2,294.37 | $2,361.71 |
| Second P&I | — | — |
| Mortgage insurance | $160.98 | $68.22 |
| Taxes, insurance & HOA | $215.83 | $215.83 |
| Total housing payment | $2,671.18 | $2,645.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,215
Closing costs & prepaids$10,340
Usable credit−$0
Total buyer cash needed$48,555
Earnest money paid−$0
Remaining funds due$48,555
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,790.00
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)$197.50
Prepaid interest, first (2 days)$127.35
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 4 moOf the original 30-year loan at 6.820%
Interest already paid$62,985Through Nov 2026
Assumption only · ends Mar 2054$446,851
New conventional · ends Dec 2056$517,301