Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,960/mo
+$155/mo- Down payment
- $19,376
- Funds due
- $30,554
- Interest + MI left
- $413,090
- First ends
- Apr 2053
New loan
New conventional
$2,806/mo
Lowest payment- Down payment
- $37,490
- Funds due
- $46,508
- Interest + MI left
- $487,606
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $355,524 | $337,410 |
| Second mortgage | — | — |
| First P&I | $2,321.04 | $2,269.78 |
| Second P&I | — | — |
| Mortgage insurance | $170.79 | $67.48 |
| Taxes, insurance & HOA | $468.67 | $468.67 |
| Total housing payment | $2,960.49 | $2,805.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,376
Closing costs & prepaids$11,178
Usable credit−$0
Total buyer cash needed$30,554
Earnest money paid−$0
Remaining funds due$30,554
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,749.00
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)$956.00
Prepaid interest, first (4 days)$247.80
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 closing26 yr 4 moOf the original 30-year loan at 6.36%
Interest already paid$85,025Through Dec 2026
Assumption only · ends Apr 2053$413,090
New conventional · ends Jan 2057$487,606