Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,661/mo
+$201/mo- Down payment
- $33,996
- Funds due
- $46,388
- Interest + MI left
- $484,340
- First ends
- Dec 2052
New loan
New conventional
$3,460/mo
Lowest payment- Down payment
- $41,500
- Funds due
- $51,683
- Interest + MI left
- $566,438
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $381,004 | $373,500 |
| Second mortgage | — | — |
| First P&I | $2,578.65 | $2,586.04 |
| Second P&I | — | — |
| Mortgage insurance | $283.06 | $74.70 |
| Taxes, insurance & HOA | $799.00 | $799.00 |
| Total housing payment | $3,660.71 | $3,459.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,996
Closing costs & prepaids$12,392
Usable credit−$0
Total buyer cash needed$46,388
Earnest money paid−$0
Remaining funds due$46,388
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$1,719.00
Initial HOA (3 months)$228.00
Prepaid interest, first (1 days)$69.94
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 6.700%
Interest already paid$102,582Through Nov 2026
Assumption only · ends Dec 2052$484,340
New conventional · ends Dec 2056$566,438