Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,491/mo
Lowest payment- Down payment
- $24,867
- Funds due
- $35,558
- Interest + MI left
- $392,278
- First ends
- Feb 2056
New loan
New conventional
$2,538/mo
+$47/mo- Down payment
- $33,500
- Funds due
- $42,091
- Interest + MI left
- $440,843
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $310,133 | $301,500 |
| Second mortgage | — | — |
| First P&I | $1,912.29 | $2,042.47 |
| Second P&I | — | — |
| Mortgage insurance | $143.56 | $60.30 |
| Taxes, insurance & HOA | $434.75 | $434.75 |
| Total housing payment | $2,490.60 | $2,537.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,867
Closing costs & prepaids$10,691
Usable credit−$0
Total buyer cash needed$35,558
Earnest money paid−$0
Remaining funds due$35,558
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$854.25
Prepaid interest, first (5 days)$262.13
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing29 yr 2 moOf the original 30-year loan at 6.17%
Interest already paid$16,034Through Dec 2026
Assumption only · ends Feb 2056$392,278
New conventional · ends Jan 2057$440,843