Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,788/mo
+$138/mo- Down payment
- $41,725
- Funds due
- $52,111
- Interest + MI left
- $438,828
- First ends
- Jan 2053
New loan
New conventional
$2,649/mo
Lowest payment- Down payment
- $37,500
- Funds due
- $45,722
- Interest + MI left
- $511,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $333,275 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,295.68 | $2,336.78 |
| Second P&I | — | — |
| Mortgage insurance | $246.90 | $67.50 |
| Taxes, insurance & HOA | $245.00 | $245.00 |
| Total housing payment | $2,787.59 | $2,649.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,725
Closing costs & prepaids$10,386
Usable credit−$0
Total buyer cash needed$52,111
Earnest money paid−$0
Remaining funds due$52,111
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$285.00
Prepaid interest, first (2 days)$126.01
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 2 moOf the original 30-year loan at 6.900%
Interest already paid$90,307Through Nov 2026
Assumption only · ends Jan 2053$438,828
New conventional · ends Dec 2056$511,841