Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,192/mo
+$147/mo- Down payment
- $20,442
- Funds due
- $31,723
- Interest + MI left
- $437,573
- First ends
- Dec 2052
New loan
New conventional
$3,045/mo
Lowest payment- Down payment
- $39,990
- Funds due
- $49,080
- Interest + MI left
- $545,828
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $379,458 | $359,910 |
| Second mortgage | — | — |
| First P&I | $2,427.22 | $2,491.94 |
| Second P&I | — | — |
| Mortgage insurance | $283.41 | $71.98 |
| Taxes, insurance & HOA | $480.92 | $480.92 |
| Total housing payment | $3,191.55 | $3,044.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,442
Closing costs & prepaids$11,280
Usable credit−$0
Total buyer cash needed$31,723
Earnest money paid−$0
Remaining funds due$31,723
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$620.75
Initial HOA (3 months)$372.00
Prepaid interest, first (1 days)$63.52
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 1 moOf the original 30-year loan at 6.110%
Interest already paid$93,429Through Nov 2026
Assumption only · ends Dec 2052$437,573
New conventional · ends Dec 2056$545,828