Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,178/mo
+$160/mo- Down payment
- $1,781
- Funds due
- $13,245
- Interest + MI left
- $508,583
- First ends
- Dec 2054
New loan
New conventional
$3,018/mo
Lowest payment- Down payment
- $42,950
- Funds due
- $52,212
- Interest + MI left
- $565,200
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $427,719 | $386,550 |
| Second mortgage | — | — |
| First P&I | $2,655.33 | $2,618.62 |
| Second P&I | — | — |
| Mortgage insurance | $201.05 | $77.31 |
| Taxes, insurance & HOA | $321.83 | $321.83 |
| Total housing payment | $3,178.21 | $3,017.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,781
Closing costs & prepaids$11,464
Usable credit−$0
Total buyer cash needed$13,245
Earnest money paid−$0
Remaining funds due$13,245
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,295.00
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)$515.50
Prepaid interest, first (6 days)$428.19
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 closing28 yrOf the original 30-year loan at 6.09%
Interest already paid$52,803Through Dec 2026
Assumption only · ends Dec 2054$508,583
New conventional · ends Jan 2057$565,200