Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,571/mo
Lowest payment- Down payment
- $74,921
- Funds due
- $85,377
- Interest + MI left
- $424,048
- First ends
- Nov 2053
Assumption
Assumption + second
$2,852/mo
+$282/mo- Down payment
- $39,921
- Funds due
- $51,635
- Interest + MI left
- $490,431
- First ends
- Nov 2053
New loan
New conventional
$2,734/mo
+$163/mo- Down payment
- $39,921
- Funds due
- $48,188
- Interest + MI left
- $530,847
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $315,078 | $315,078 | $350,078 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,181.55 | $2,181.55 | $2,423.87 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $149.23 | $149.23 | $70.02 |
| Taxes, insurance & HOA | $240.00 | $240.00 | $240.00 |
| Total housing payment | $2,570.79 | $2,852.40 | $2,733.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,921
Closing costs & prepaids$11,715
Usable credit−$0
Total buyer cash needed$51,635
Earnest money paid−$0
Remaining funds due$51,635
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.99
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)$270.00
Prepaid interest, first (1 days)$61.03
Prepaid interest, second (1 days)$8.63
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 closing27 yrOf the original 30-year loan at 7.070%
Interest already paid$68,014Through Nov 2026
Assumption only · ends Nov 2053$424,048
Assumption + second · ends Nov 2053, second Dec 2056$490,431
New conventional · ends Dec 2056$530,847