Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,866/mo
Lowest payment- Down payment
- $78,484
- Funds due
- $89,509
- Interest + MI left
- $431,471
- First ends
- Dec 2052
Assumption
Assumption + second
$3,156/mo
+$290/mo- Down payment
- $42,484
- Funds due
- $54,777
- Interest + MI left
- $499,750
- First ends
- Dec 2052
New loan
New conventional
$3,015/mo
+$149/mo- Down payment
- $42,484
- Funds due
- $51,314
- Interest + MI left
- $579,353
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $346,016 | $346,016 | $382,016 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,315.44 | $2,315.44 | $2,645.00 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $257.34 | $257.34 | $76.40 |
| Taxes, insurance & HOA | $293.42 | $293.42 | $293.42 |
| Total housing payment | $2,866.19 | $3,155.85 | $3,014.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,484
Closing costs & prepaids$12,293
Usable credit−$0
Total buyer cash needed$54,777
Earnest money paid−$0
Remaining funds due$54,777
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,245.00
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)$430.25
Prepaid interest, first (2 days)$124.76
Prepaid interest, second (2 days)$17.75
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 6.580%
Interest already paid$91,544Through Nov 2026
Assumption only · ends Dec 2052$431,471
Assumption + second · ends Dec 2052, second Dec 2056$499,750
New conventional · ends Dec 2056$579,353