Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,891/mo
Lowest payment- Down payment
- $45,942
- Funds due
- $57,249
- Interest + MI left
- $418,896
- First ends
- Apr 2053
New loan
New conventional
$2,954/mo
+$64/mo- 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 | $374,058 | $378,000 |
| Second mortgage | — | — |
| First P&I | $2,392.77 | $2,560.70 |
| Second P&I | — | — |
| Mortgage insurance | $180.01 | $75.60 |
| Taxes, insurance & HOA | $318.00 | $318.00 |
| Total housing payment | $2,890.79 | $2,954.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,942
Closing costs & prepaids$11,307
Usable credit−$0
Total buyer cash needed$57,249
Earnest money paid−$0
Remaining funds due$57,249
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)$378.16
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 closing26 yr 4 moOf the original 30-year loan at 6.15%
Interest already paid$86,585Through Dec 2026
Assumption only · ends Apr 2053$418,896
New conventional · ends Jan 2057$552,699