Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,000/mo
+$25/mo- Down payment
- $66,543
- Funds due
- $77,569
- Interest + MI left
- $458,193
- First ends
- Jan 2053
Assumption
Assumption + second
$3,209/mo
+$234/mo- Down payment
- $40,543
- Funds due
- $52,826
- Interest + MI left
- $507,506
- First ends
- Jan 2053
New loan
New conventional
$2,975/mo
Lowest payment- Down payment
- $40,543
- Funds due
- $49,372
- Interest + MI left
- $552,724
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $338,457 | $338,457 | $364,457 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,370.73 | $2,370.73 | $2,523.43 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $250.38 | $250.38 | $72.89 |
| Taxes, insurance & HOA | $378.67 | $378.67 | $378.67 |
| Total housing payment | $2,999.77 | $3,208.98 | $2,974.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,543
Closing costs & prepaids$12,283
Usable credit−$0
Total buyer cash needed$52,826
Earnest money paid−$0
Remaining funds due$52,826
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$686.00
Prepaid interest, first (1 days)$65.65
Prepaid interest, second (1 days)$6.41
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 2 moOf the original 30-year loan at 7.080%
Interest already paid$94,032Through Nov 2026
Assumption only · ends Jan 2053$458,193
Assumption + second · ends Jan 2053, second Dec 2056$507,506
New conventional · ends Dec 2056$552,724