Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,967/mo
Lowest payment- Down payment
- $47,762
- Funds due
- $59,114
- Interest + MI left
- $431,154
- First ends
- Oct 2053
Assumption
Assumption + second
$3,263/mo
+$296/mo- Down payment
- $18,762
- Funds due
- $31,383
- Interest + MI left
- $508,537
- First ends
- Oct 2053
New loan
New conventional
$3,105/mo
+$138/mo- Down payment
- $18,762
- Funds due
- $28,146
- Interest + MI left
- $542,183
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $327,238 | $327,238 | $356,238 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,244.63 | $2,244.63 | $2,466.52 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $155.26 | $155.26 | $71.25 |
| Taxes, insurance & HOA | $567.25 | $567.25 | $567.25 |
| Total housing payment | $2,967.14 | $3,262.65 | $3,105.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,762
Closing costs & prepaids$12,620
Usable credit−$0
Total buyer cash needed$31,383
Earnest money paid−$0
Remaining funds due$31,383
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$1,251.75
Prepaid interest, first (2 days)$124.80
Prepaid interest, second (2 days)$18.87
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 11 moOf the original 30-year loan at 6.960%
Interest already paid$71,538Through Nov 2026
Assumption only · ends Oct 2053$431,154
Assumption + second · ends Oct 2053, second Dec 2056$508,537
New conventional · ends Dec 2056$542,183