Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,183/mo
Lowest payment- Down payment
- $140,666
- Funds due
- $153,553
- Interest + MI left
- $422,470
- First ends
- Dec 2052
Assumption
Assumption + second
$3,931/mo
+$748/mo- Down payment
- $47,666
- Funds due
- $61,849
- Interest + MI left
- $598,857
- First ends
- Dec 2052
New loan
New conventional
$3,717/mo
+$534/mo- Down payment
- $47,666
- Funds due
- $58,327
- Interest + MI left
- $645,048
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $332,334 | $332,334 | $425,334 |
| Second mortgage | — | $93,000 | — |
| First P&I | $2,249.25 | $2,249.25 | $2,944.93 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | $246.90 | $246.90 | $85.07 |
| Taxes, insurance & HOA | $686.58 | $686.58 | $686.58 |
| Total housing payment | $3,182.73 | $3,931.03 | $3,716.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,666
Closing costs & prepaids$14,183
Usable credit−$0
Total buyer cash needed$61,849
Earnest money paid−$0
Remaining funds due$61,849
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,730.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,559.75
Prepaid interest, first (2 days)$122.01
Prepaid interest, second (2 days)$45.86
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$89,478Through Nov 2026
Assumption only · ends Dec 2052$422,470
Assumption + second · ends Dec 2052, second Dec 2056$598,857
New conventional · ends Dec 2056$645,048