Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,269/mo
+$258/mo- Down payment
- $33,212
- Funds due
- $44,216
- Interest + MI left
- $509,287
- First ends
- Jan 2053
New loan
New conventional
$3,011/mo
Lowest payment- Down payment
- $42,000
- Funds due
- $50,787
- Interest + MI left
- $573,261
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $386,787 | $377,999 |
| Second mortgage | — | — |
| First P&I | $2,664.28 | $2,617.19 |
| Second P&I | — | — |
| Mortgage insurance | $286.55 | $75.60 |
| Taxes, insurance & HOA | $318.58 | $318.58 |
| Total housing payment | $3,269.41 | $3,011.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,212
Closing costs & prepaids$11,004
Usable credit−$0
Total buyer cash needed$44,216
Earnest money paid−$0
Remaining funds due$44,216
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,199.99
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)$505.75
Prepaid interest, first (1 days)$73.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2 moOf the original 30-year loan at 6.900%
Interest already paid$104,807Through Nov 2026
Assumption only · ends Jan 2053$509,287
New conventional · ends Dec 2056$573,261