Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,304/mo
+$233/mo- Down payment
- $5,114
- Funds due
- $14,701
- Interest + MI left
- $324,069
- First ends
- Dec 2052
New loan
New conventional
$2,071/mo
Lowest payment- Down payment
- $26,500
- Funds due
- $34,024
- Interest + MI left
- $361,701
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $259,886 | $238,500 |
| Second mortgage | — | — |
| First P&I | $1,739.08 | $1,651.33 |
| Second P&I | — | — |
| Mortgage insurance | $193.28 | $47.70 |
| Taxes, insurance & HOA | $371.75 | $371.75 |
| Total housing payment | $2,304.11 | $2,070.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,114
Closing costs & prepaids$9,587
Usable credit−$0
Total buyer cash needed$14,701
Earnest money paid−$0
Remaining funds due$14,701
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$425.25
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$46.85
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 6.580%
Interest already paid$68,757Through Nov 2026
Assumption only · ends Dec 2052$324,069
New conventional · ends Dec 2056$361,701