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
- $119,733
- Funds due
- $131,554
- Interest + MI left
- $444,118
- First ends
- Mar 2053
Assumption
Assumption + second
$3,538/mo
+$571/mo- Down payment
- $48,733
- Funds due
- $61,821
- Interest + MI left
- $578,780
- First ends
- Mar 2053
New loan
New conventional
$3,419/mo
+$452/mo- Down payment
- $48,733
- Funds due
- $58,292
- Interest + MI left
- $661,628
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $365,267 | $365,267 | $436,267 |
| Second mortgage | — | $71,000 | — |
| First P&I | $2,384.65 | $2,384.65 | $3,020.62 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | $271.18 | $271.18 | $87.25 |
| Taxes, insurance & HOA | $310.83 | $310.83 | $310.83 |
| Total housing payment | $2,966.66 | $3,537.94 | $3,418.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,733
Closing costs & prepaids$13,089
Usable credit−$0
Total buyer cash needed$61,821
Earnest money paid−$0
Remaining funds due$61,821
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$432.50
Prepaid interest, first (1 days)$63.65
Prepaid interest, second (1 days)$17.51
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 4 moOf the original 30-year loan at 6.360%
Interest already paid$87,355Through Nov 2026
Assumption only · ends Mar 2053$444,118
Assumption + second · ends Mar 2053, second Dec 2056$578,780
New conventional · ends Dec 2056$661,628