Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,212/mo
+$324/mo- Down payment
- $12,495
- Funds due
- $23,559
- Interest + MI left
- $467,179
- First ends
- Dec 2052
New loan
New conventional
$2,888/mo
Lowest payment- Down payment
- $38,000
- Funds due
- $46,888
- Interest + MI left
- $518,666
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $367,505 | $342,000 |
| Second mortgage | — | — |
| First P&I | $2,487.28 | $2,367.94 |
| Second P&I | — | — |
| Mortgage insurance | $273.03 | $68.40 |
| Taxes, insurance & HOA | $451.33 | $451.33 |
| Total housing payment | $3,211.65 | $2,887.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,495
Closing costs & prepaids$11,064
Usable credit−$0
Total buyer cash needed$23,559
Earnest money paid−$0
Remaining funds due$23,559
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$604.00
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$134.92
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$98,948Through Nov 2026
Assumption only · ends Dec 2052$467,179
New conventional · ends Dec 2056$518,666