Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,762/mo
Lowest payment- Down payment
- $210,817
- Funds due
- $223,306
- Interest + MI left
- $408,869
- First ends
- Feb 2053
Assumption
Assumption + second
$3,899/mo
+$1,137/mo- Down payment
- $55,817
- Funds due
- $69,624
- Interest + MI left
- $663,310
- First ends
- Feb 2053
New loan
New conventional
$3,819/mo
+$1,058/mo- Down payment
- $55,817
- Funds due
- $66,031
- Interest + MI left
- $749,355
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $339,178 | $339,178 | $494,178 |
| Second mortgage | — | $155,000 | — |
| First P&I | $2,210.65 | $2,210.65 | $3,421.59 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | $252.18 | $252.18 | $98.84 |
| Taxes, insurance & HOA | $298.83 | $298.83 | $298.83 |
| Total housing payment | $2,761.66 | $3,899.00 | $3,819.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,817
Closing costs & prepaids$13,807
Usable credit−$0
Total buyer cash needed$69,624
Earnest money paid−$0
Remaining funds due$69,624
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.95
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$396.50
Prepaid interest, first (2 days)$117.64
Prepaid interest, second (2 days)$67.95
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 3 moOf the original 30-year loan at 6.330%
Interest already paid$82,635Through Nov 2026
Assumption only · ends Feb 2053$408,869
Assumption + second · ends Feb 2053, second Dec 2056$663,310
New conventional · ends Dec 2056$749,355