Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,960/mo
Lowest payment- Down payment
- $87,445
- Funds due
- $99,049
- Interest + MI left
- $447,569
- First ends
- Nov 2053
Assumption
Assumption + second
$3,322/mo
+$362/mo- Down payment
- $42,445
- Funds due
- $55,321
- Interest + MI left
- $532,918
- First ends
- Nov 2053
New loan
New conventional
$3,190/mo
+$230/mo- Down payment
- $42,445
- Funds due
- $51,849
- Interest + MI left
- $572,512
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $332,555 | $332,555 | $377,555 |
| Second mortgage | — | $45,000 | — |
| First P&I | $2,302.56 | $2,302.56 | $2,614.11 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $157.51 | $157.51 | $75.51 |
| Taxes, insurance & HOA | $500.00 | $500.00 | $500.00 |
| Total housing payment | $2,960.07 | $3,322.15 | $3,189.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,445
Closing costs & prepaids$12,876
Usable credit−$0
Total buyer cash needed$55,321
Earnest money paid−$0
Remaining funds due$55,321
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$1,050.00
Prepaid interest, first (2 days)$128.83
Prepaid interest, second (2 days)$22.19
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 closing27 yrOf the original 30-year loan at 7.070%
Interest already paid$71,787Through Nov 2026
Assumption only · ends Nov 2053$447,569
Assumption + second · ends Nov 2053, second Dec 2056$532,918
New conventional · ends Dec 2056$572,512