Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,893/mo
+$146/mo- Down payment
- $26,759
- Funds due
- $37,887
- Interest + MI left
- $417,719
- First ends
- Jan 2053
New loan
New conventional
$2,747/mo
Lowest payment- Down payment
- $38,900
- Funds due
- $47,913
- Interest + MI left
- $511,904
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,241 | $350,100 |
| Second mortgage | — | — |
| First P&I | $2,317.09 | $2,371.70 |
| Second P&I | — | — |
| Mortgage insurance | $270.55 | $70.02 |
| Taxes, insurance & HOA | $305.58 | $305.58 |
| Total housing payment | $2,893.22 | $2,747.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,759
Closing costs & prepaids$11,127
Usable credit−$0
Total buyer cash needed$37,887
Earnest money paid−$0
Remaining funds due$37,887
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)$466.75
Prepaid interest, first (9 days)$545.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.11%
Interest already paid$89,190Through Dec 2026
Assumption only · ends Jan 2053$417,719
New conventional · ends Jan 2057$511,904