Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,497/mo
+$21/mo- Down payment
- $32,310
- Funds due
- $42,442
- Interest + MI left
- $359,426
- First ends
- Dec 2052
New loan
New conventional
$2,476/mo
Lowest payment- Down payment
- $34,400
- Funds due
- $42,409
- Interest + MI left
- $469,529
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $311,690 | $309,600 |
| Second mortgage | — | — |
| First P&I | $1,993.74 | $2,143.61 |
| Second P&I | — | — |
| Mortgage insurance | $232.80 | $61.92 |
| Taxes, insurance & HOA | $270.67 | $270.67 |
| Total housing payment | $2,497.20 | $2,476.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,310
Closing costs & prepaids$10,131
Usable credit−$0
Total buyer cash needed$42,442
Earnest money paid−$0
Remaining funds due$42,442
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,440.00
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)$362.00
Prepaid interest, first (2 days)$104.35
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 6.110%
Interest already paid$76,743Through Nov 2026
Assumption only · ends Dec 2052$359,426
New conventional · ends Dec 2056$469,529