Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,571/mo
Lowest payment- Down payment
- $61,976
- Funds due
- $72,792
- Interest + MI left
- $350,448
- First ends
- Mar 2053
Assumption
Assumption + second
$2,797/mo
+$225/mo- Down payment
- $33,976
- Funds due
- $46,056
- Interest + MI left
- $403,554
- First ends
- Mar 2053
New loan
New conventional
$2,655/mo
+$84/mo- Down payment
- $33,976
- Funds due
- $42,672
- Interest + MI left
- $448,746
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $267,974 | $267,974 | $295,974 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,826.19 | $1,826.19 | $2,049.26 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | $198.22 | $198.22 | $59.19 |
| Taxes, insurance & HOA | $547.00 | $547.00 | $547.00 |
| Total housing payment | $2,571.41 | $2,796.70 | $2,655.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,976
Closing costs & prepaids$12,079
Usable credit−$0
Total buyer cash needed$46,056
Earnest money paid−$0
Remaining funds due$46,056
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.50
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)$1,191.00
Prepaid interest, first (2 days)$99.99
Prepaid interest, second (2 days)$13.81
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 4 moOf the original 30-year loan at 6.810%
Interest already paid$68,489Through Nov 2026
Assumption only · ends Mar 2053$350,448
Assumption + second · ends Mar 2053, second Dec 2056$403,554
New conventional · ends Dec 2056$448,746