Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,772/mo
Lowest payment- Down payment
- $40,836
- Funds due
- $51,388
- Interest + MI left
- $369,183
- First ends
- Mar 2051
New loan
New conventional
$2,783/mo
+$10/mo- Down payment
- $40,000
- Funds due
- $48,375
- Interest + MI left
- $545,964
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $359,164 | $360,000 |
| Second mortgage | — | — |
| First P&I | $2,387.59 | $2,492.57 |
| Second P&I | — | — |
| Mortgage insurance | $166.51 | $72.00 |
| Taxes, insurance & HOA | $218.08 | $218.08 |
| Total housing payment | $2,772.19 | $2,782.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,836
Closing costs & prepaids$10,551
Usable credit−$0
Total buyer cash needed$51,388
Earnest money paid−$0
Remaining funds due$51,388
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$204.25
Prepaid interest, first (2 days)$122.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing24 yr 4 moOf the original 25-year loan at 6.210%
Interest already paid$14,966Through Nov 2026
Assumption only · ends Mar 2051$369,183
New conventional · ends Dec 2056$545,964