Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,692/mo
Lowest payment- Down payment
- $28,649
- Funds due
- $39,554
- Interest + MI left
- $457,360
- First ends
- Jan 2056
New loan
New conventional
$2,721/mo
+$29/mo- Down payment
- $38,500
- Funds due
- $47,261
- Interest + MI left
- $506,640
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $356,351 | $346,500 |
| Second mortgage | — | — |
| First P&I | $2,222.47 | $2,347.31 |
| Second P&I | — | — |
| Mortgage insurance | $165.09 | $69.30 |
| Taxes, insurance & HOA | $304.00 | $304.00 |
| Total housing payment | $2,691.56 | $2,720.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,649
Closing costs & prepaids$10,904
Usable credit−$0
Total buyer cash needed$39,554
Earnest money paid−$0
Remaining funds due$39,554
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$462.00
Prepaid interest, first (6 days)$367.29
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 closing29 yr 1 moOf the original 30-year loan at 6.27%
Interest already paid$20,603Through Dec 2026
Assumption only · ends Jan 2056$457,360
New conventional · ends Jan 2057$506,640