Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,534/mo
Lowest payment- Down payment
- $47,166
- Funds due
- $59,335
- Interest + MI left
- $608,267
- First ends
- Jun 2055
New loan
New conventional
$3,576/mo
+$42/mo- Down payment
- $50,000
- Funds due
- $59,877
- Interest + MI left
- $682,455
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $452,834 | $450,000 |
| Second mortgage | — | — |
| First P&I | $2,953.12 | $3,115.71 |
| Second P&I | — | — |
| Mortgage insurance | $210.84 | $90.00 |
| Taxes, insurance & HOA | $370.33 | $370.33 |
| Total housing payment | $3,534.29 | $3,576.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,166
Closing costs & prepaids$12,169
Usable credit−$0
Total buyer cash needed$59,335
Earnest money paid−$0
Remaining funds due$59,335
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$611.00
Prepaid interest, first (1 days)$82.50
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 closing28 yr 7 moOf the original 30-year loan at 6.650%
Interest already paid$43,024Through Nov 2026
Assumption only · ends Jun 2055$608,267
New conventional · ends Dec 2056$682,455