Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,567/mo
Lowest payment- Down payment
- $35,800
- Funds due
- $46,576
- Interest + MI left
- $380,948
- First ends
- Dec 2054
New loan
New conventional
$2,629/mo
+$62/mo- Down payment
- $34,990
- Funds due
- $43,640
- Interest + MI left
- $455,090
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $314,100 | $314,910 |
| Second mortgage | — | — |
| First P&I | $1,971.91 | $2,118.42 |
| Second P&I | — | — |
| Mortgage insurance | $147.56 | $62.98 |
| Taxes, insurance & HOA | $447.42 | $447.42 |
| Total housing payment | $2,566.89 | $2,628.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,800
Closing costs & prepaids$10,776
Usable credit−$0
Total buyer cash needed$46,576
Earnest money paid−$0
Remaining funds due$46,576
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$892.25
Prepaid interest, first (3 days)$160.06
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 3 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 yrOf the original 30-year loan at 6.2%
Interest already paid$39,466Through Dec 2026
Assumption only · ends Dec 2054$380,948
New conventional · ends Jan 2057$455,090