Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,261/mo
Lowest payment- Down payment
- $36,466
- Funds due
- $46,843
- Interest + MI left
- $351,832
- First ends
- Dec 2055
New loan
New conventional
$2,374/mo
+$112/mo- Down payment
- $31,200
- Funds due
- $39,505
- Interest + MI left
- $410,576
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $275,534 | $280,800 |
| Second mortgage | — | — |
| First P&I | $1,718.40 | $1,902.24 |
| Second P&I | — | — |
| Mortgage insurance | $127.78 | $56.16 |
| Taxes, insurance & HOA | $415.17 | $415.17 |
| Total housing payment | $2,261.35 | $2,373.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,466
Closing costs & prepaids$10,377
Usable credit−$0
Total buyer cash needed$46,843
Earnest money paid−$0
Remaining funds due$46,843
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,120.00
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)$795.50
Prepaid interest, first (5 days)$236.28
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 yrOf the original 30-year loan at 6.26%
Interest already paid$17,360Through Dec 2026
Assumption only · ends Dec 2055$351,832
New conventional · ends Jan 2057$410,576