Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,936/mo
+$116/mo- Down payment
- $27,570
- Funds due
- $38,556
- Interest + MI left
- $257,425
- First ends
- Dec 2047
New loan
New conventional
$2,820/mo
Lowest payment- Down payment
- $39,990
- Funds due
- $48,919
- Interest + MI left
- $526,248
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $372,330 | $359,910 |
| Second mortgage | — | — |
| First P&I | $2,306.90 | $2,438.16 |
| Second P&I | — | — |
| Mortgage insurance | $318.75 | $71.98 |
| Taxes, insurance & HOA | $310.00 | $310.00 |
| Total housing payment | $2,935.65 | $2,820.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,570
Closing costs & prepaids$10,986
Usable credit−$0
Total buyer cash needed$38,556
Earnest money paid−$0
Remaining funds due$38,556
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$480.00
Prepaid interest, first (6 days)$281.54
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 closing21 yrOf the original 30-year loan at 4.6%
Interest already paid$171,475Through Dec 2026
Assumption only · ends Dec 2047$257,425
New conventional · ends Jan 2057$526,248