Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,966/mo
Lowest payment- Down payment
- $95,948
- Funds due
- $107,775
- Interest + MI left
- $395,591
- First ends
- Dec 2052
Assumption
Assumption + second
$3,385/mo
+$418/mo- Down payment
- $43,948
- Funds due
- $57,051
- Interest + MI left
- $494,217
- First ends
- Dec 2052
New loan
New conventional
$3,330/mo
+$364/mo- Down payment
- $43,948
- Funds due
- $53,581
- Interest + MI left
- $599,123
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $343,052 | $343,052 | $395,052 |
| Second mortgage | — | $52,000 | — |
| First P&I | $2,194.35 | $2,194.35 | $2,735.26 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $256.22 | $256.22 | $79.01 |
| Taxes, insurance & HOA | $515.83 | $515.83 | $515.83 |
| Total housing payment | $2,966.40 | $3,384.80 | $3,330.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,948
Closing costs & prepaids$13,103
Usable credit−$0
Total buyer cash needed$57,051
Earnest money paid−$0
Remaining funds due$57,051
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$1,097.50
Prepaid interest, first (2 days)$114.85
Prepaid interest, second (2 days)$25.64
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 1 moOf the original 30-year loan at 6.110%
Interest already paid$84,465Through Nov 2026
Assumption only · ends Dec 2052$395,591
Assumption + second · ends Dec 2052, second Dec 2056$494,217
New conventional · ends Dec 2056$599,123