Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,129/mo
+$275/mo- Down payment
- $38,152
- Funds due
- $49,542
- Interest + MI left
- $483,246
- First ends
- Dec 2052
New loan
New conventional
$2,854/mo
Lowest payment- Down payment
- $40,500
- Funds due
- $49,701
- Interest + MI left
- $532,959
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $366,848 | $364,500 |
| Second mortgage | — | — |
| First P&I | $2,544.51 | $2,469.25 |
| Second P&I | — | — |
| Mortgage insurance | $272.28 | $72.90 |
| Taxes, insurance & HOA | $312.00 | $312.00 |
| Total housing payment | $3,128.80 | $2,854.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,152
Closing costs & prepaids$11,390
Usable credit−$0
Total buyer cash needed$49,542
Earnest money paid−$0
Remaining funds due$49,542
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$486.00
Prepaid interest, first (9 days)$628.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing26 yrOf the original 30-year loan at 6.95%
Interest already paid$104,586Through Dec 2026
Assumption only · ends Dec 2052$483,246
New conventional · ends Jan 2057$532,959