Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,794/mo
+$165/mo- Down payment
- $29,982
- Funds due
- $40,492
- Interest + MI left
- $412,547
- First ends
- Dec 2052
New loan
New conventional
$2,630/mo
Lowest payment- Down payment
- $35,451
- Funds due
- $43,817
- Interest + MI left
- $483,874
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $324,528 | $319,059 |
| Second mortgage | — | — |
| First P&I | $2,196.42 | $2,209.10 |
| Second P&I | — | — |
| Mortgage insurance | $241.10 | $63.81 |
| Taxes, insurance & HOA | $356.92 | $356.92 |
| Total housing payment | $2,794.44 | $2,629.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,982
Closing costs & prepaids$10,510
Usable credit−$0
Total buyer cash needed$40,492
Earnest money paid−$0
Remaining funds due$40,492
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,545.10
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)$362.75
Initial HOA (3 months)$258.00
Prepaid interest, first (2 days)$119.14
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$87,377Through Nov 2026
Assumption only · ends Dec 2052$412,547
New conventional · ends Dec 2056$483,874