Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,838/mo
+$117/mo- Down payment
- $34,877
- Funds due
- $45,810
- Interest + MI left
- $465,283
- First ends
- May 2054
New loan
New conventional
$2,721/mo
Lowest payment- 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 | $350,123 | $346,500 |
| Second mortgage | — | — |
| First P&I | $2,368.46 | $2,347.31 |
| Second P&I | — | — |
| Mortgage insurance | $165.16 | $69.30 |
| Taxes, insurance & HOA | $304.00 | $304.00 |
| Total housing payment | $2,837.62 | $2,720.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,877
Closing costs & prepaids$10,933
Usable credit−$0
Total buyer cash needed$45,810
Earnest money paid−$0
Remaining funds due$45,810
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)$395.98
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 5 moOf the original 30-year loan at 6.88%
Interest already paid$63,194Through Dec 2026
Assumption only · ends May 2054$465,283
New conventional · ends Jan 2057$506,640