Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,162/mo
+$375/mo- Down payment
- $12,931
- Funds due
- $24,318
- Interest + MI left
- $464,929
- First ends
- Dec 2052
New loan
New conventional
$2,787/mo
Lowest payment- Down payment
- $38,000
- Funds due
- $47,206
- Interest + MI left
- $500,061
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $367,069 | $342,000 |
| Second mortgage | — | — |
| First P&I | $2,487.28 | $2,316.83 |
| Second P&I | — | — |
| Mortgage insurance | $273.03 | $68.40 |
| Taxes, insurance & HOA | $402.00 | $402.00 |
| Total housing payment | $3,162.32 | $2,787.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,931
Closing costs & prepaids$11,387
Usable credit−$0
Total buyer cash needed$24,318
Earnest money paid−$0
Remaining funds due$24,318
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$456.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$606.42
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 6.7%
Interest already paid$101,000Through Dec 2026
Assumption only · ends Dec 2052$464,929
New conventional · ends Jan 2057$500,061