Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,397/mo
Lowest payment- Down payment
- $42,050
- Funds due
- $54,801
- Interest + MI left
- $585,797
- First ends
- Apr 2056
New loan
New conventional
$3,492/mo
+$95/mo- Down payment
- $49,800
- Funds due
- $60,348
- Interest + MI left
- $655,343
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $455,950 | $448,200 |
| Second mortgage | — | — |
| First P&I | $2,820.40 | $3,036.26 |
| Second P&I | — | — |
| Mortgage insurance | $210.61 | $89.64 |
| Taxes, insurance & HOA | $365.83 | $365.83 |
| Total housing payment | $3,396.85 | $3,491.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,050
Closing costs & prepaids$12,752
Usable credit−$0
Total buyer cash needed$54,801
Earnest money paid−$0
Remaining funds due$54,801
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,980.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$597.50
Prepaid interest, first (9 days)$699.29
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 closing29 yr 4 moOf the original 30-year loan at 6.22%
Interest already paid$18,991Through Dec 2026
Assumption only · ends Apr 2056$585,797
New conventional · ends Jan 2057$655,343