Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,761/mo
+$197/mo- Down payment
- $2,074
- Funds due
- $12,357
- Interest + MI left
- $476,160
- First ends
- Apr 2055
New loan
New conventional
$2,564/mo
Lowest payment- Down payment
- $35,900
- Funds due
- $44,025
- Interest + MI left
- $490,003
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $356,926 | $323,100 |
| Second mortgage | — | — |
| First P&I | $2,332.25 | $2,237.08 |
| Second P&I | — | — |
| Mortgage insurance | $166.51 | $64.62 |
| Taxes, insurance & HOA | $262.58 | $262.58 |
| Total housing payment | $2,761.34 | $2,564.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,074
Closing costs & prepaids$10,283
Usable credit−$0
Total buyer cash needed$12,357
Earnest money paid−$0
Remaining funds due$12,357
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,590.00
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)$337.75
Prepaid interest, first (2 days)$130.06
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 6.650%
Interest already paid$37,940Through Nov 2026
Assumption only · ends Apr 2055$476,160
New conventional · ends Dec 2056$490,003