Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,839/mo
+$94/mo- Down payment
- $26,289
- Funds due
- $36,768
- Interest + MI left
- $419,760
- First ends
- Jan 2053
New loan
New conventional
$2,745/mo
Lowest payment- Down payment
- $38,900
- Funds due
- $47,200
- Interest + MI left
- $530,950
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,711 | $350,100 |
| Second mortgage | — | — |
| First P&I | $2,317.09 | $2,424.02 |
| Second P&I | — | — |
| Mortgage insurance | $270.55 | $70.02 |
| Taxes, insurance & HOA | $251.08 | $251.08 |
| Total housing payment | $2,838.72 | $2,745.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,289
Closing costs & prepaids$10,479
Usable credit−$0
Total buyer cash needed$36,768
Earnest money paid−$0
Remaining funds due$36,768
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$303.25
Prepaid interest, first (1 days)$60.72
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 2 moOf the original 30-year loan at 6.110%
Interest already paid$87,343Through Nov 2026
Assumption only · ends Jan 2053$419,760
New conventional · ends Dec 2056$530,950