Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,834/mo
+$107/mo- Down payment
- $30,911
- Funds due
- $42,074
- Interest + MI left
- $395,368
- First ends
- Dec 2052
New loan
New conventional
$2,727/mo
Lowest payment- Down payment
- $37,500
- Funds due
- $46,567
- Interest + MI left
- $493,481
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $344,089 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,203.85 | $2,286.34 |
| Second P&I | — | — |
| Mortgage insurance | $257.33 | $67.50 |
| Taxes, insurance & HOA | $373.00 | $373.00 |
| Total housing payment | $2,834.18 | $2,726.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,911
Closing costs & prepaids$11,162
Usable credit−$0
Total buyer cash needed$42,074
Earnest money paid−$0
Remaining funds due$42,074
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Initial HOA (3 months)$219.00
Prepaid interest, first (9 days)$518.40
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 6.11%
Interest already paid$86,585Through Dec 2026
Assumption only · ends Dec 2052$395,368
New conventional · ends Jan 2057$493,481