Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,798/mo
Lowest payment- Down payment
- $29,899
- Funds due
- $41,340
- Interest + MI left
- $398,455
- First ends
- Dec 2054
New loan
New conventional
$2,851/mo
+$53/mo- Down payment
- $36,500
- Funds due
- $45,828
- Interest + MI left
- $480,321
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $335,101 | $328,500 |
| Second mortgage | — | — |
| First P&I | $2,080.34 | $2,225.37 |
| Second P&I | — | — |
| Mortgage insurance | $157.51 | $65.70 |
| Taxes, insurance & HOA | $560.00 | $560.00 |
| Total housing payment | $2,797.85 | $2,851.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,899
Closing costs & prepaids$11,440
Usable credit−$0
Total buyer cash needed$41,340
Earnest money paid−$0
Remaining funds due$41,340
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Initial HOA (3 months)$792.00
Prepaid interest, first (6 days)$335.47
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$41,369Through Dec 2026
Assumption only · ends Dec 2054$398,455
New conventional · ends Jan 2057$480,321