Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,155/mo
+$220/mo- Down payment
- $37,735
- Funds due
- $48,716
- Interest + MI left
- $485,573
- First ends
- Dec 2052
New loan
New conventional
$2,935/mo
Lowest payment- Down payment
- $40,500
- Funds due
- $49,284
- Interest + MI left
- $552,789
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $367,265 | $364,500 |
| Second mortgage | — | — |
| First P&I | $2,544.51 | $2,523.72 |
| Second P&I | — | — |
| Mortgage insurance | $272.28 | $72.90 |
| Taxes, insurance & HOA | $338.67 | $338.67 |
| Total housing payment | $3,155.46 | $2,935.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,735
Closing costs & prepaids$10,981
Usable credit−$0
Total buyer cash needed$48,716
Earnest money paid−$0
Remaining funds due$48,716
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$566.00
Prepaid interest, first (2 days)$139.86
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.950%
Interest already paid$102,459Through Nov 2026
Assumption only · ends Dec 2052$485,573
New conventional · ends Dec 2056$552,789