Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,230/mo
Lowest payment- Down payment
- $63,631
- Funds due
- $73,481
- Interest + MI left
- $362,813
- First ends
- Oct 2053
Assumption
Assumption + second
$2,463/mo
+$233/mo- Down payment
- $34,631
- Funds due
- $45,738
- Interest + MI left
- $417,816
- First ends
- Oct 2053
New loan
New conventional
$2,379/mo
+$149/mo- Down payment
- $34,631
- Funds due
- $42,343
- Interest + MI left
- $461,535
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $275,369 | $275,369 | $304,369 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,888.84 | $1,888.84 | $2,107.39 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $130.65 | $130.65 | $60.87 |
| Taxes, insurance & HOA | $210.67 | $210.67 | $210.67 |
| Total housing payment | $2,230.16 | $2,463.50 | $2,378.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,631
Closing costs & prepaids$11,107
Usable credit−$0
Total buyer cash needed$45,738
Earnest money paid−$0
Remaining funds due$45,738
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$182.00
Prepaid interest, first (1 days)$52.51
Prepaid interest, second (1 days)$7.15
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 11 moOf the original 30-year loan at 6.960%
Interest already paid$60,199Through Nov 2026
Assumption only · ends Oct 2053$362,813
Assumption + second · ends Oct 2053, second Dec 2056$417,816
New conventional · ends Dec 2056$461,535