Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,432/mo
Lowest payment- Down payment
- $69,989
- Funds due
- $81,807
- Interest + MI left
- $530,399
- First ends
- Dec 2052
Assumption
Assumption + second
$3,891/mo
+$459/mo- Down payment
- $24,989
- Funds due
- $38,072
- Interest + MI left
- $650,477
- First ends
- Dec 2052
New loan
New conventional
$3,601/mo
+$169/mo- Down payment
- $24,989
- Funds due
- $34,774
- Interest + MI left
- $707,486
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $419,911 | $419,911 | $464,911 |
| Second mortgage | — | $45,000 | — |
| First P&I | $2,831.27 | $2,831.27 | $3,218.95 |
| Second P&I | — | $458.55 | — |
| Mortgage insurance | $312.08 | $312.08 | $92.98 |
| Taxes, insurance & HOA | $289.00 | $289.00 | $289.00 |
| Total housing payment | $3,432.34 | $3,890.89 | $3,600.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,989
Closing costs & prepaids$13,082
Usable credit−$0
Total buyer cash needed$38,072
Earnest money paid−$0
Remaining funds due$38,072
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,899.00
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)$367.00
Prepaid interest, first (1 days)$76.62
Prepaid interest, second (1 days)$14.64
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 1 moOf the original 30-year loan at 6.660%
Interest already paid$112,403Through Nov 2026
Assumption only · ends Dec 2052$530,399
Assumption + second · ends Dec 2052, second Dec 2056$650,477
New conventional · ends Dec 2056$707,486