Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,040/mo
+$86/mo- Down payment
- $28,184
- Funds due
- $39,532
- Interest + MI left
- $499,078
- First ends
- Nov 2054
New loan
New conventional
$2,954/mo
Lowest payment- Down payment
- $42,000
- Funds due
- $51,155
- Interest + MI left
- $552,699
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $391,816 | $378,000 |
| Second mortgage | — | — |
| First P&I | $2,537.78 | $2,560.70 |
| Second P&I | — | — |
| Mortgage insurance | $184.02 | $75.60 |
| Taxes, insurance & HOA | $318.00 | $318.00 |
| Total housing payment | $3,039.81 | $2,954.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,184
Closing costs & prepaids$11,348
Usable credit−$0
Total buyer cash needed$39,532
Earnest money paid−$0
Remaining funds due$39,532
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$504.00
Prepaid interest, first (6 days)$418.65
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 11 moOf the original 30-year loan at 6.5%
Interest already paid$53,755Through Dec 2026
Assumption only · ends Nov 2054$499,078
New conventional · ends Jan 2057$552,699