Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,787/mo
+$33/mo- Down payment
- $27,851
- Funds due
- $39,788
- Interest + MI left
- $272,491
- First ends
- Dec 2052
New loan
New conventional
$2,754/mo
Lowest payment- Down payment
- $26,500
- Funds due
- $36,414
- Interest + MI left
- $348,726
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $237,149 | $238,500 |
| Second mortgage | — | — |
| First P&I | $1,518.91 | $1,615.68 |
| Second P&I | — | — |
| Mortgage insurance | $177.35 | $47.70 |
| Taxes, insurance & HOA | $1,091.00 | $1,091.00 |
| Total housing payment | $2,787.27 | $2,754.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,851
Closing costs & prepaids$11,936
Usable credit−$0
Total buyer cash needed$39,788
Earnest money paid−$0
Remaining funds due$39,788
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$318.00
Initial HOA (3 months)$2,505.00
Prepaid interest, first (6 days)$238.19
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$59,675Through Dec 2026
Assumption only · ends Dec 2052$272,491
New conventional · ends Jan 2057$348,726