Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,278/mo
Lowest payment- Down payment
- $54,874
- Funds due
- $64,785
- Interest + MI left
- $358,005
- First ends
- Aug 2053
Assumption
Assumption + second
$2,655/mo
+$377/mo- Down payment
- $17,874
- Funds due
- $29,047
- Interest + MI left
- $456,736
- First ends
- Aug 2053
New loan
New conventional
$2,523/mo
+$245/mo- Down payment
- $17,874
- Funds due
- $25,819
- Interest + MI left
- $490,201
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $285,126 | $285,126 | $322,126 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,913.90 | $1,913.90 | $2,230.34 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $135.80 | $135.80 | $64.43 |
| Taxes, insurance & HOA | $227.92 | $227.92 | $227.92 |
| Total housing payment | $2,277.62 | $2,654.65 | $2,522.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,874
Closing costs & prepaids$11,173
Usable credit−$0
Total buyer cash needed$29,047
Earnest money paid−$0
Remaining funds due$29,047
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$233.75
Prepaid interest, first (1 days)$52.42
Prepaid interest, second (1 days)$12.04
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 6.710%
Interest already paid$63,472Through Nov 2026
Assumption only · ends Aug 2053$358,005
Assumption + second · ends Aug 2053, second Dec 2056$456,736
New conventional · ends Dec 2056$490,201