Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,815/mo
+$212/mo- Down payment
- $30,366
- Funds due
- $41,355
- Interest + MI left
- $410,560
- First ends
- Dec 2052
New loan
New conventional
$2,603/mo
Lowest payment- Down payment
- $35,451
- Funds due
- $44,315
- Interest + MI left
- $466,517
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $324,144 | $319,059 |
| Second mortgage | — | — |
| First P&I | $2,196.42 | $2,161.42 |
| Second P&I | — | — |
| Mortgage insurance | $241.10 | $63.81 |
| Taxes, insurance & HOA | $377.83 | $377.83 |
| Total housing payment | $2,815.35 | $2,603.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,366
Closing costs & prepaids$10,989
Usable credit−$0
Total buyer cash needed$41,355
Earnest money paid−$0
Remaining funds due$41,355
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,545.10
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)$425.50
Initial HOA (3 months)$258.00
Prepaid interest, first (9 days)$535.50
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 6.7%
Interest already paid$89,189Through Dec 2026
Assumption only · ends Dec 2052$410,560
New conventional · ends Jan 2057$466,517