Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,881/mo
+$421/mo- Down payment
- $5,509
- Funds due
- $16,083
- Interest + MI left
- $431,761
- First ends
- Dec 2052
New loan
New conventional
$2,460/mo
Lowest payment- Down payment
- $33,480
- Funds due
- $41,901
- Interest + MI left
- $440,580
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $329,291 | $301,320 |
| Second mortgage | — | — |
| First P&I | $2,277.66 | $2,041.25 |
| Second P&I | — | — |
| Mortgage insurance | $244.47 | $60.26 |
| Taxes, insurance & HOA | $358.92 | $358.92 |
| Total housing payment | $2,881.04 | $2,460.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,509
Closing costs & prepaids$10,574
Usable credit−$0
Total buyer cash needed$16,083
Earnest money paid−$0
Remaining funds due$16,083
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,348.00
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)$401.75
Initial HOA (3 months)$225.00
Prepaid interest, first (6 days)$374.58
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 6.92%
Interest already paid$93,486Through Dec 2026
Assumption only · ends Dec 2052$431,761
New conventional · ends Jan 2057$440,580