Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,520/mo
Lowest payment- Down payment
- $32,534
- Funds due
- $42,927
- Interest + MI left
- $446,509
- First ends
- Jul 2056
New loan
New conventional
$2,654/mo
+$134/mo- Down payment
- $37,490
- Funds due
- $45,728
- Interest + MI left
- $511,705
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $342,366 | $337,410 |
| Second mortgage | — | — |
| First P&I | $2,111.67 | $2,336.16 |
| Second P&I | — | — |
| Mortgage insurance | $157.52 | $67.48 |
| Taxes, insurance & HOA | $250.67 | $250.67 |
| Total housing payment | $2,519.85 | $2,654.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,534
Closing costs & prepaids$10,393
Usable credit−$0
Total buyer cash needed$42,927
Earnest money paid−$0
Remaining funds due$42,927
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,749.00
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)$302.00
Prepaid interest, first (2 days)$116.87
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 closing29 yr 8 moOf the original 30-year loan at 6.230%
Interest already paid$7,127Through Nov 2026
Assumption only · ends Jul 2056$446,509
New conventional · ends Dec 2056$511,705