Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,113/mo
Lowest payment- Down payment
- $31,309
- Funds due
- $40,851
- Interest + MI left
- $369,818
- First ends
- Nov 2055
New loan
New conventional
$2,190/mo
+$77/mo- Down payment
- $30,900
- Funds due
- $38,340
- Interest + MI left
- $421,757
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $277,691 | $278,100 |
| Second mortgage | — | — |
| First P&I | $1,775.04 | $1,925.51 |
| Second P&I | — | — |
| Mortgage insurance | $128.71 | $55.62 |
| Taxes, insurance & HOA | $209.33 | $209.33 |
| Total housing payment | $2,113.08 | $2,190.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,309
Closing costs & prepaids$9,542
Usable credit−$0
Total buyer cash needed$40,851
Earnest money paid−$0
Remaining funds due$40,851
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,090.00
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)$178.00
Prepaid interest, first (1 days)$49.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.500%
Interest already paid$18,162Through Nov 2026
Assumption only · ends Nov 2055$369,818
New conventional · ends Dec 2056$421,757