Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,720/mo
Lowest payment- Down payment
- $132,592
- Funds due
- $144,293
- Interest + MI left
- $414,854
- First ends
- Aug 2053
Assumption
Assumption + second
$3,396/mo
+$676/mo- Down payment
- $48,592
- Funds due
- $61,563
- Interest + MI left
- $574,172
- First ends
- Aug 2053
New loan
New conventional
$3,358/mo
+$638/mo- Down payment
- $48,592
- Funds due
- $58,033
- Interest + MI left
- $652,657
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $346,408 | $346,408 | $430,408 |
| Second mortgage | — | $84,000 | — |
| First P&I | $2,263.31 | $2,263.31 | $2,980.06 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $165.32 | $165.32 | $86.08 |
| Taxes, insurance & HOA | $291.67 | $291.67 | $291.67 |
| Total housing payment | $2,720.30 | $3,396.18 | $3,357.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,592
Closing costs & prepaids$12,972
Usable credit−$0
Total buyer cash needed$61,563
Earnest money paid−$0
Remaining funds due$61,563
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,790.00
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)$375.00
Prepaid interest, first (1 days)$61.02
Prepaid interest, second (1 days)$20.71
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 9 moOf the original 30-year loan at 6.430%
Interest already paid$73,974Through Nov 2026
Assumption only · ends Aug 2053$414,854
Assumption + second · ends Aug 2053, second Dec 2056$574,172
New conventional · ends Dec 2056$652,657