Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,332/mo
Lowest payment- Down payment
- $49,871
- Funds due
- $60,186
- Interest + MI left
- $327,808
- First ends
- Sep 2053
Assumption
Assumption + second
$2,678/mo
+$346/mo- Down payment
- $15,871
- Funds due
- $27,447
- Interest + MI left
- $418,534
- First ends
- Sep 2053
New loan
New conventional
$2,559/mo
+$227/mo- Down payment
- $15,871
- Funds due
- $24,239
- Interest + MI left
- $447,596
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $260,129 | $260,129 | $294,129 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,744.16 | $1,744.16 | $2,036.49 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $123.76 | $123.76 | $58.83 |
| Taxes, insurance & HOA | $464.08 | $464.08 | $464.08 |
| Total housing payment | $2,332.01 | $2,678.47 | $2,559.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,871
Closing costs & prepaids$11,576
Usable credit−$0
Total buyer cash needed$27,447
Earnest money paid−$0
Remaining funds due$27,447
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$942.25
Prepaid interest, first (1 days)$47.82
Prepaid interest, second (1 days)$11.06
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 10 moOf the original 30-year loan at 6.710%
Interest already paid$56,389Through Nov 2026
Assumption only · ends Sep 2053$327,808
Assumption + second · ends Sep 2053, second Dec 2056$418,534
New conventional · ends Dec 2056$447,596