Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,090/mo
+$92/mo- Down payment
- $2,993
- Funds due
- $12,826
- Interest + MI left
- $334,432
- First ends
- Dec 2055
New loan
New conventional
$1,998/mo
Lowest payment- Down payment
- $26,490
- Funds due
- $34,276
- Interest + MI left
- $348,595
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $261,907 | $238,410 |
| Second mortgage | — | — |
| First P&I | $1,633.42 | $1,615.07 |
| Second P&I | — | — |
| Mortgage insurance | $121.46 | $47.68 |
| Taxes, insurance & HOA | $335.00 | $335.00 |
| Total housing payment | $2,089.88 | $1,997.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,993
Closing costs & prepaids$9,833
Usable credit−$0
Total buyer cash needed$12,826
Earnest money paid−$0
Remaining funds due$12,826
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,649.00
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)$318.00
Initial HOA (3 months)$237.00
Prepaid interest, first (9 days)$404.27
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 closing29 yrOf the original 30-year loan at 6.26%
Interest already paid$16,502Through Dec 2026
Assumption only · ends Dec 2055$334,432
New conventional · ends Jan 2057$348,595