Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,020/mo
+$146/mo- Down payment
- $36,634
- Funds due
- $47,622
- Interest + MI left
- $440,308
- First ends
- Dec 2052
New loan
New conventional
$2,874/mo
Lowest payment- Down payment
- $38,300
- Funds due
- $47,118
- Interest + MI left
- $522,761
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $346,366 | $344,700 |
| Second mortgage | — | — |
| First P&I | $2,344.22 | $2,386.63 |
| Second P&I | — | — |
| Mortgage insurance | $257.33 | $68.94 |
| Taxes, insurance & HOA | $418.75 | $418.75 |
| Total housing payment | $3,020.30 | $2,874.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,634
Closing costs & prepaids$10,988
Usable credit−$0
Total buyer cash needed$47,622
Earnest money paid−$0
Remaining funds due$47,622
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)$587.25
Initial HOA (3 months)$219.00
Prepaid interest, first (2 days)$127.16
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 closing26 yr 1 moOf the original 30-year loan at 6.700%
Interest already paid$93,256Through Nov 2026
Assumption only · ends Dec 2052$440,308
New conventional · ends Dec 2056$522,761