Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,715/mo
Lowest payment- Down payment
- $87,615
- Funds due
- $98,628
- Interest + MI left
- $407,643
- First ends
- Apr 2053
Assumption
Assumption + second
$3,061/mo
+$346/mo- Down payment
- $44,615
- Funds due
- $56,888
- Interest + MI left
- $489,198
- First ends
- Apr 2053
New loan
New conventional
$3,072/mo
+$356/mo- Down payment
- $44,615
- Funds due
- $53,400
- Interest + MI left
- $598,033
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $351,385 | $351,385 | $394,385 |
| Second mortgage | — | $43,000 | — |
| First P&I | $2,284.57 | $2,284.57 | $2,730.64 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | $168.63 | $168.63 | $78.88 |
| Taxes, insurance & HOA | $262.08 | $262.08 | $262.08 |
| Total housing payment | $2,715.29 | $3,061.28 | $3,071.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,615
Closing costs & prepaids$12,273
Usable credit−$0
Total buyer cash needed$56,888
Earnest money paid−$0
Remaining funds due$56,888
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$336.25
Prepaid interest, first (1 days)$60.94
Prepaid interest, second (1 days)$10.60
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 5 moOf the original 30-year loan at 6.330%
Interest already paid$81,693Through Nov 2026
Assumption only · ends Apr 2053$407,643
Assumption + second · ends Apr 2053, second Dec 2056$489,198
New conventional · ends Dec 2056$598,033