Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,078/mo
+$243/mo- Down payment
- $17,333
- Funds due
- $28,590
- Interest + MI left
- $505,306
- First ends
- Apr 2055
New loan
New conventional
$2,835/mo
Lowest payment- Down payment
- $37,900
- Funds due
- $46,968
- Interest + MI left
- $492,938
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $361,667 | $341,100 |
| Second mortgage | — | — |
| First P&I | $2,436.69 | $2,294.60 |
| Second P&I | — | — |
| Mortgage insurance | $168.72 | $68.22 |
| Taxes, insurance & HOA | $472.17 | $472.17 |
| Total housing payment | $3,077.57 | $2,834.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,333
Closing costs & prepaids$11,257
Usable credit−$0
Total buyer cash needed$28,590
Earnest money paid−$0
Remaining funds due$28,590
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,790.00
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)$966.50
Prepaid interest, first (4 days)$275.46
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 yr 4 moOf the original 30-year loan at 6.95%
Interest already paid$42,292Through Dec 2026
Assumption only · ends Apr 2055$505,306
New conventional · ends Jan 2057$492,938