Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,307/mo
Lowest payment- Down payment
- $103,072
- Funds due
- $113,610
- Interest + MI left
- $332,969
- First ends
- Dec 2052
Assumption
Assumption + second
$2,838/mo
+$531/mo- Down payment
- $37,072
- Funds due
- $48,893
- Interest + MI left
- $458,147
- First ends
- Dec 2052
New loan
New conventional
$2,675/mo
+$369/mo- Down payment
- $37,072
- Funds due
- $45,477
- Interest + MI left
- $497,259
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,928 | $261,928 | $327,928 |
| Second mortgage | — | $66,000 | — |
| First P&I | $1,772.74 | $1,772.74 | $2,270.51 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $194.60 | $194.60 | $65.59 |
| Taxes, insurance & HOA | $339.17 | $339.17 | $339.17 |
| Total housing payment | $2,306.50 | $2,837.55 | $2,675.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,072
Closing costs & prepaids$11,821
Usable credit−$0
Total buyer cash needed$48,893
Earnest money paid−$0
Remaining funds due$48,893
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$567.50
Prepaid interest, first (2 days)$96.16
Prepaid interest, second (2 days)$32.55
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 6.700%
Interest already paid$70,522Through Nov 2026
Assumption only · ends Dec 2052$332,969
Assumption + second · ends Dec 2052, second Dec 2056$458,147
New conventional · ends Dec 2056$497,259