Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,944/mo
+$279/mo- Down payment
- $13,647
- Funds due
- $24,109
- Interest + MI left
- $357,530
- First ends
- Dec 2049
New loan
New conventional
$2,665/mo
Lowest payment- Down payment
- $36,500
- Funds due
- $44,801
- Interest + MI left
- $498,192
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $351,353 | $328,500 |
| Second mortgage | — | — |
| First P&I | $2,452.35 | $2,274.47 |
| Second P&I | — | — |
| Mortgage insurance | $166.47 | $65.70 |
| Taxes, insurance & HOA | $324.92 | $324.92 |
| Total housing payment | $2,943.73 | $2,665.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,647
Closing costs & prepaids$10,462
Usable credit−$0
Total buyer cash needed$24,109
Earnest money paid−$0
Remaining funds due$24,109
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$389.75
Initial HOA (3 months)$135.00
Prepaid interest, first (1 days)$62.57
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 closing23 yr 1 moOf the original 25-year loan at 6.500%
Interest already paid$44,558Through Nov 2026
Assumption only · ends Dec 2049$357,530
New conventional · ends Dec 2056$498,192