Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,838/mo
+$16/mo- Down payment
- $30,871
- Funds due
- $42,105
- Interest + MI left
- $438,230
- First ends
- Feb 2055
New loan
New conventional
$2,822/mo
Lowest payment- Down payment
- $37,490
- Funds due
- $46,577
- Interest + MI left
- $493,349
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $344,029 | $337,410 |
| Second mortgage | — | — |
| First P&I | $2,207.96 | $2,285.73 |
| Second P&I | — | — |
| Mortgage insurance | $161.11 | $67.48 |
| Taxes, insurance & HOA | $468.67 | $468.67 |
| Total housing payment | $2,837.74 | $2,821.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,871
Closing costs & prepaids$11,233
Usable credit−$0
Total buyer cash needed$42,105
Earnest money paid−$0
Remaining funds due$42,105
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 (5 days)$303.50
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 closing28 yr 2 moOf the original 30-year loan at 6.44%
Interest already paid$41,089Through Dec 2026
Assumption only · ends Feb 2055$438,230
New conventional · ends Jan 2057$493,349