Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,048/mo
Lowest payment- Down payment
- $32,774
- Funds due
- $42,896
- Interest + MI left
- $257,412
- First ends
- Dec 2054
New loan
New conventional
$2,199/mo
+$150/mo- Down payment
- $24,735
- Funds due
- $32,819
- Interest + MI left
- $337,611
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $214,576 | $222,615 |
| Second mortgage | — | — |
| First P&I | $1,334.70 | $1,541.34 |
| Second P&I | — | — |
| Mortgage insurance | $100.73 | $44.52 |
| Taxes, insurance & HOA | $612.67 | $612.67 |
| Total housing payment | $2,048.10 | $2,198.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,774
Closing costs & prepaids$10,122
Usable credit−$0
Total buyer cash needed$42,896
Earnest money paid−$0
Remaining funds due$42,896
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,473.50
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)$278.00
Initial HOA (3 months)$1,110.00
Prepaid interest, first (1 days)$35.98
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 closing28 yr 1 moOf the original 30-year loan at 6.120%
Interest already paid$25,494Through Nov 2026
Assumption only · ends Dec 2054$257,412
New conventional · ends Dec 2056$337,611