Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,978/mo
+$197/mo- Down payment
- $37,044
- Funds due
- $48,349
- Interest + MI left
- $438,187
- First ends
- Dec 2052
New loan
New conventional
$2,780/mo
Lowest payment- Down payment
- $38,300
- Funds due
- $47,461
- Interest + MI left
- $504,008
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $345,956 | $344,700 |
| Second mortgage | — | — |
| First P&I | $2,344.22 | $2,335.12 |
| Second P&I | — | — |
| Mortgage insurance | $257.33 | $68.94 |
| Taxes, insurance & HOA | $376.17 | $376.17 |
| Total housing payment | $2,977.71 | $2,780.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,044
Closing costs & prepaids$11,305
Usable credit−$0
Total buyer cash needed$48,349
Earnest money paid−$0
Remaining funds due$48,349
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,830.00
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)$459.50
Initial HOA (3 months)$219.00
Prepaid interest, first (9 days)$571.54
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$95,190Through Dec 2026
Assumption only · ends Dec 2052$438,187
New conventional · ends Jan 2057$504,008