Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,339/mo
Lowest payment- Down payment
- $105,984
- Funds due
- $118,440
- Interest + MI left
- $512,820
- First ends
- Oct 2053
Assumption
Assumption + second
$3,790/mo
+$451/mo- Down payment
- $49,984
- Funds due
- $63,704
- Interest + MI left
- $619,032
- First ends
- Oct 2053
New loan
New conventional
$3,671/mo
+$332/mo- Down payment
- $49,984
- Funds due
- $60,157
- Interest + MI left
- $680,963
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $393,016 | $393,016 | $449,016 |
| Second mortgage | — | $56,000 | — |
| First P&I | $2,680.50 | $2,680.50 | $3,108.90 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $186.54 | $186.54 | $89.80 |
| Taxes, insurance & HOA | $472.25 | $472.25 | $472.25 |
| Total housing payment | $3,339.29 | $3,789.88 | $3,670.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,984
Closing costs & prepaids$13,720
Usable credit−$0
Total buyer cash needed$63,704
Earnest money paid−$0
Remaining funds due$63,704
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$916.75
Prepaid interest, first (1 days)$74.30
Prepaid interest, second (1 days)$13.81
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 11 moOf the original 30-year loan at 6.900%
Interest already paid$85,194Through Nov 2026
Assumption only · ends Oct 2053$512,820
Assumption + second · ends Oct 2053, second Dec 2056$619,032
New conventional · ends Dec 2056$680,963