Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,120/mo
+$392/mo- Down payment
- $14,608
- Funds due
- $25,906
- Interest + MI left
- $466,242
- First ends
- Jan 2053
New loan
New conventional
$2,728/mo
Lowest payment- Down payment
- $37,000
- Funds due
- $46,113
- Interest + MI left
- $486,901
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $355,392 | $333,000 |
| Second mortgage | — | — |
| First P&I | $2,450.82 | $2,255.86 |
| Second P&I | — | — |
| Mortgage insurance | $263.59 | $66.60 |
| Taxes, insurance & HOA | $406.00 | $406.00 |
| Total housing payment | $3,120.40 | $2,728.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,608
Closing costs & prepaids$11,298
Usable credit−$0
Total buyer cash needed$25,906
Earnest money paid−$0
Remaining funds due$25,906
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$444.00
Initial HOA (3 months)$324.00
Prepaid interest, first (9 days)$604.65
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.9%
Interest already paid$98,455Through Dec 2026
Assumption only · ends Jan 2053$466,242
New conventional · ends Jan 2057$486,901