Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,576/mo
Lowest payment- Down payment
- $70,682
- Funds due
- $82,122
- Interest + MI left
- $310,556
- First ends
- Aug 2053
Assumption
Assumption + second
$2,874/mo
+$298/mo- Down payment
- $33,682
- Funds due
- $46,391
- Interest + MI left
- $380,732
- First ends
- Aug 2053
New loan
New conventional
$2,869/mo
+$293/mo- Down payment
- $33,682
- Funds due
- $43,015
- Interest + MI left
- $449,327
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,318 | $259,318 | $296,318 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,694.29 | $1,694.29 | $2,051.65 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $123.76 | $123.76 | $59.26 |
| Taxes, insurance & HOA | $758.08 | $758.08 | $758.08 |
| Total housing payment | $2,576.13 | $2,873.84 | $2,868.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,682
Closing costs & prepaids$12,709
Usable credit−$0
Total buyer cash needed$46,391
Earnest money paid−$0
Remaining funds due$46,391
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$1,824.25
Prepaid interest, first (2 days)$91.37
Prepaid interest, second (2 days)$18.25
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 9 moOf the original 30-year loan at 6.430%
Interest already paid$55,377Through Nov 2026
Assumption only · ends Aug 2053$310,556
Assumption + second · ends Aug 2053, second Dec 2056$380,732
New conventional · ends Dec 2056$449,327