Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,334/mo
Lowest payment- Down payment
- $80,981
- Funds due
- $91,368
- Interest + MI left
- $327,517
- First ends
- Dec 2052
Assumption
Assumption + second
$2,688/mo
+$354/mo- Down payment
- $36,981
- Funds due
- $48,629
- Interest + MI left
- $410,969
- First ends
- Dec 2052
New loan
New conventional
$2,641/mo
+$308/mo- Down payment
- $36,981
- Funds due
- $45,217
- Interest + MI left
- $497,397
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,019 | $284,019 | $328,019 |
| Second mortgage | — | $44,000 | — |
| First P&I | $1,816.74 | $1,816.74 | $2,271.14 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | $212.13 | $212.13 | $65.60 |
| Taxes, insurance & HOA | $304.67 | $304.67 | $304.67 |
| Total housing payment | $2,333.53 | $2,687.57 | $2,641.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,981
Closing costs & prepaids$11,647
Usable credit−$0
Total buyer cash needed$48,629
Earnest money paid−$0
Remaining funds due$48,629
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$464.00
Prepaid interest, first (1 days)$47.54
Prepaid interest, second (1 days)$10.85
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$69,930Through Nov 2026
Assumption only · ends Dec 2052$327,517
Assumption + second · ends Dec 2052, second Dec 2056$410,969
New conventional · ends Dec 2056$497,397