Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,770/mo
+$206/mo- Down payment
- $39,198
- Funds due
- $51,726
- Interest + MI left
- $537,840
- First ends
- Dec 2052
New loan
New conventional
$3,564/mo
Lowest payment- Down payment
- $46,500
- Funds due
- $56,777
- Interest + MI left
- $634,683
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $425,802 | $418,500 |
| Second mortgage | — | — |
| First P&I | $2,870.99 | $2,897.61 |
| Second P&I | — | — |
| Mortgage insurance | $316.45 | $83.70 |
| Taxes, insurance & HOA | $582.33 | $582.33 |
| Total housing payment | $3,769.77 | $3,563.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,198
Closing costs & prepaids$12,527
Usable credit−$0
Total buyer cash needed$51,726
Earnest money paid−$0
Remaining funds due$51,726
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,247.00
Prepaid interest, first (2 days)$155.39
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 6.660%
Interest already paid$113,980Through Nov 2026
Assumption only · ends Dec 2052$537,840
New conventional · ends Dec 2056$634,683