Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,880/mo
+$57/mo- Down payment
- $30,462
- Funds due
- $41,301
- Interest + MI left
- $397,305
- First ends
- Dec 2052
New loan
New conventional
$2,823/mo
Lowest payment- Down payment
- $37,500
- Funds due
- $46,175
- Interest + MI left
- $511,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $344,538 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,203.85 | $2,336.78 |
| Second P&I | — | — |
| Mortgage insurance | $257.33 | $67.50 |
| Taxes, insurance & HOA | $418.75 | $418.75 |
| Total housing payment | $2,879.93 | $2,823.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,462
Closing costs & prepaids$10,839
Usable credit−$0
Total buyer cash needed$41,301
Earnest money paid−$0
Remaining funds due$41,301
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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 (1 days)$57.67
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 1 moOf the original 30-year loan at 6.110%
Interest already paid$84,831Through Nov 2026
Assumption only · ends Dec 2052$397,305
New conventional · ends Dec 2056$511,841