Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,421/mo
+$309/mo- Down payment
- $11,073
- Funds due
- $22,700
- Interest + MI left
- $496,895
- First ends
- Dec 2052
New loan
New conventional
$3,111/mo
Lowest payment- Down payment
- $44,352
- Funds due
- $53,772
- Interest + MI left
- $583,650
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $432,447 | $399,168 |
| Second mortgage | — | — |
| First P&I | $2,769.78 | $2,704.10 |
| Second P&I | — | — |
| Mortgage insurance | $323.41 | $79.83 |
| Taxes, insurance & HOA | $327.42 | $327.42 |
| Total housing payment | $3,420.61 | $3,111.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,073
Closing costs & prepaids$11,627
Usable credit−$0
Total buyer cash needed$22,700
Earnest money paid−$0
Remaining funds due$22,700
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,435.20
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)$532.25
Prepaid interest, first (6 days)$434.34
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 yrOf the original 30-year loan at 6.11%
Interest already paid$108,820Through Dec 2026
Assumption only · ends Dec 2052$496,895
New conventional · ends Jan 2057$583,650