Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,085/mo
Lowest payment- Down payment
- $71,726
- Funds due
- $83,213
- Interest + MI left
- $436,208
- First ends
- Dec 2052
Assumption
Assumption + second
$3,294/mo
+$209/mo- Down payment
- $45,726
- Funds due
- $58,469
- Interest + MI left
- $485,521
- First ends
- Dec 2052
New loan
New conventional
$3,263/mo
+$178/mo- Down payment
- $45,726
- Funds due
- $54,974
- Interest + MI left
- $613,028
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $378,274 | $378,274 | $404,274 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,419.65 | $2,419.65 | $2,799.11 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $282.53 | $282.53 | $80.85 |
| Taxes, insurance & HOA | $382.92 | $382.92 | $382.92 |
| Total housing payment | $3,085.09 | $3,294.29 | $3,262.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,726
Closing costs & prepaids$12,743
Usable credit−$0
Total buyer cash needed$58,469
Earnest money paid−$0
Remaining funds due$58,469
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$698.75
Prepaid interest, first (1 days)$63.32
Prepaid interest, second (1 days)$6.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.110%
Interest already paid$93,138Through Nov 2026
Assumption only · ends Dec 2052$436,208
Assumption + second · ends Dec 2052, second Dec 2056$485,521
New conventional · ends Dec 2056$613,028