Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,420/mo
Lowest payment- Down payment
- $41,584
- Funds due
- $51,702
- Interest + MI left
- $391,209
- First ends
- Apr 2054
New loan
New conventional
$2,481/mo
+$61/mo- Down payment
- $34,790
- Funds due
- $42,776
- Interest + MI left
- $474,852
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $306,316 | $313,110 |
| Second mortgage | — | — |
| First P&I | $2,024.46 | $2,167.91 |
| Second P&I | — | — |
| Mortgage insurance | $144.69 | $62.62 |
| Taxes, insurance & HOA | $250.92 | $250.92 |
| Total housing payment | $2,420.06 | $2,481.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,584
Closing costs & prepaids$10,118
Usable credit−$0
Total buyer cash needed$51,702
Earnest money paid−$0
Remaining funds due$51,702
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,479.00
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)$302.75
Prepaid interest, first (2 days)$111.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.640%
Interest already paid$53,395Through Nov 2026
Assumption only · ends Apr 2054$391,209
New conventional · ends Dec 2056$474,852