Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,374/mo
Lowest payment- Down payment
- $117,693
- Funds due
- $128,561
- Interest + MI left
- $355,756
- First ends
- Sep 2053
Assumption
Assumption + second
$2,994/mo
+$620/mo- Down payment
- $40,693
- Funds due
- $52,830
- Interest + MI left
- $501,798
- First ends
- Sep 2053
New loan
New conventional
$2,907/mo
+$532/mo- Down payment
- $40,693
- Funds due
- $49,375
- Interest + MI left
- $544,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,307 | $282,307 | $359,307 |
| Second mortgage | — | $77,000 | — |
| First P&I | $1,892.87 | $1,892.87 | $2,487.77 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | $134.31 | $134.31 | $71.86 |
| Taxes, insurance & HOA | $347.00 | $347.00 | $347.00 |
| Total housing payment | $2,374.18 | $2,993.74 | $2,906.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,693
Closing costs & prepaids$12,137
Usable credit−$0
Total buyer cash needed$52,830
Earnest money paid−$0
Remaining funds due$52,830
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$591.00
Prepaid interest, first (1 days)$51.90
Prepaid interest, second (1 days)$18.99
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$61,196Through Nov 2026
Assumption only · ends Sep 2053$355,756
Assumption + second · ends Sep 2053, second Dec 2056$501,798
New conventional · ends Dec 2056$544,841