Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,988/mo
Lowest payment- Down payment
- $52,577
- Funds due
- $63,625
- Interest + MI left
- $475,619
- First ends
- Sep 2053
Assumption
Assumption + second
$3,304/mo
+$316/mo- Down payment
- $21,577
- Funds due
- $33,895
- Interest + MI left
- $558,339
- First ends
- Sep 2053
New loan
New conventional
$3,188/mo
+$199/mo- Down payment
- $21,577
- Funds due
- $30,636
- Interest + MI left
- $621,606
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $377,423 | $377,423 | $408,423 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,530.62 | $2,530.62 | $2,827.84 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $179.56 | $179.56 | $81.68 |
| Taxes, insurance & HOA | $278.17 | $278.17 | $278.17 |
| Total housing payment | $2,988.35 | $3,304.24 | $3,187.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,577
Closing costs & prepaids$12,318
Usable credit−$0
Total buyer cash needed$33,895
Earnest money paid−$0
Remaining funds due$33,895
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$384.50
Prepaid interest, first (2 days)$138.77
Prepaid interest, second (2 days)$20.17
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 10 moOf the original 30-year loan at 6.710%
Interest already paid$81,814Through Nov 2026
Assumption only · ends Sep 2053$475,619
Assumption + second · ends Sep 2053, second Dec 2056$558,339
New conventional · ends Dec 2056$621,606