Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,145/mo
Lowest payment- Down payment
- $36,046
- Funds due
- $48,263
- Interest + MI left
- $542,128
- First ends
- Apr 2056
New loan
New conventional
$3,205/mo
+$60/mo- Down payment
- $45,500
- Funds due
- $55,541
- Interest + MI left
- $598,755
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $418,953 | $409,499 |
| Second mortgage | — | — |
| First P&I | $2,602.37 | $2,774.09 |
| Second P&I | — | — |
| Mortgage insurance | $193.51 | $81.90 |
| Taxes, insurance & HOA | $348.67 | $348.67 |
| Total housing payment | $3,144.55 | $3,204.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,046
Closing costs & prepaids$12,218
Usable credit−$0
Total buyer cash needed$48,263
Earnest money paid−$0
Remaining funds due$48,263
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,549.99
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)$546.00
Prepaid interest, first (9 days)$646.68
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 6.26%
Interest already paid$17,561Through Dec 2026
Assumption only · ends Apr 2056$542,128
New conventional · ends Jan 2057$598,755