Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,514/mo
+$67/mo- Down payment
- $32,717
- Funds due
- $43,264
- Interest + MI left
- $357,674
- First ends
- Dec 2052
New loan
New conventional
$2,447/mo
Lowest payment- Down payment
- $34,400
- Funds due
- $42,882
- Interest + MI left
- $452,686
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $311,283 | $309,600 |
| Second mortgage | — | — |
| First P&I | $1,993.74 | $2,097.34 |
| Second P&I | — | — |
| Mortgage insurance | $232.80 | $61.92 |
| Taxes, insurance & HOA | $287.58 | $287.58 |
| Total housing payment | $2,514.12 | $2,446.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,717
Closing costs & prepaids$10,547
Usable credit−$0
Total buyer cash needed$43,264
Earnest money paid−$0
Remaining funds due$43,264
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,440.00
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)$412.75
Prepaid interest, first (9 days)$468.97
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 yrOf the original 30-year loan at 6.11%
Interest already paid$78,330Through Dec 2026
Assumption only · ends Dec 2052$357,674
New conventional · ends Jan 2057$452,686